https://www.taxtmi.com/caselaws?id=311471 ITAT Jodhpur remanded the case back to AO for fresh adjudication regarding deduction u/s 80P(2)(a)(i). AO denied the claim stating assessee was a cooperative bank carrying on banking business, not a Primary Agricultural Credit Society, thus ineligible for deduction under section 80P(4). However, ITAT found insufficient evidence on record to determine whether assessee was actually a primary agricultural credit society providing financial accommodation solely for agricultural purposes or a cooperative bank conducting banking business. The tribunal noted contradictory submissions and lack of concrete findings, necessitating fresh examination with proper opportunity of hearing. en-us Tue, 05 Aug 2014 00:00:00 +0530 Thu, 28 Dec 2023 08:44:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311471 ITAT Jodhpur remanded the case back to AO for fresh adjudication regarding deduction u/s 80P(2)(a)(i). AO denied the claim stating assessee was a cooperative bank carrying on banking business, not a Primary Agricultural Credit Society, thus ineligible for deduction under section 80P(4). However, ITAT found insufficient evidence on record to determine whether assessee was actually a primary agricultural credit society providing financial accommodation solely for agricultural purposes or a cooperative bank conducting banking business. The tribunal noted contradictory submissions and lack of concrete findings, necessitating fresh examination with proper opportunity of hearing. Case-Laws Income Tax Tue, 05 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311471