https://www.taxtmi.com/caselaws?id=398608 The ITAT concluded that a fresh examination by the AO is required to ascertain the nature and purpose of each loan disbursed by the appellant to determine eligibility for deduction under Section 80P(2)(a)(i) of the Income Tax Act. The appeals were allowed for statistical purposes, with the AO directed to adhere to the Full Bench's ruling in "The Mavilayi Service Co-operative Bank Ltd. v. CIT." The stay applications were dismissed as infructuous, and ancillary issues regarding interest levied under Sections 234A and 234B were not addressed, pending the outcome of the primary issue's reassessment. en-us Thu, 17 Sep 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398608 The ITAT concluded that a fresh examination by the AO is required to ascertain the nature and purpose of each loan disbursed by the appellant to determine eligibility for deduction under Section 80P(2)(a)(i) of the Income Tax Act. The appeals were allowed for statistical purposes, with the AO directed to adhere to the Full Bench's ruling in "The Mavilayi Service Co-operative Bank Ltd. v. CIT." The stay applications were dismissed as infructuous, and ancillary issues regarding interest levied under Sections 234A and 234B were not addressed, pending the outcome of the primary issue's reassessment. Case-Laws Income Tax Thu, 17 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398608