https://www.taxtmi.com/caselaws?id=391770 The High Court set aside the assessments challenging the eligibility for exemption under Section 80P of the Income Tax Act, directing the Assessing Officer to re-examine the issues with proper consideration of the petitioners' arguments and relevant case law. The court emphasized the need for a detailed assessment regarding the classification of interest income from deposits/investments and the distinction between statutory reserves and surplus funds for tax purposes. Additionally, the court supported the petitioners' claim based on the principle of mutuality and granted an interim stay on demand recovery pending appeal disposal. en-us Fri, 31 Jan 2020 00:00:00 +0530 Fri, 18 Sep 2020 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391770 The High Court set aside the assessments challenging the eligibility for exemption under Section 80P of the Income Tax Act, directing the Assessing Officer to re-examine the issues with proper consideration of the petitioners' arguments and relevant case law. The court emphasized the need for a detailed assessment regarding the classification of interest income from deposits/investments and the distinction between statutory reserves and surplus funds for tax purposes. Additionally, the court supported the petitioners' claim based on the principle of mutuality and granted an interim stay on demand recovery pending appeal disposal. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391770