2020 (5) TMI 406

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....ssed the appeal of the Revenue in view of low monetary limit without considering the issue involved in this case which falls under exceptions as spelt out in para no. 10(b) of the CBDT's Circular No. 03/2018 dated 11.07.2018. The Tribunal has not considered the OM dated 25.08.2006 addressed to RBI by the CBDT clarifying that Regional Rural Banks would not be eligible for deduction u/s 80P of the Income Tax Act, 1961 from A.Y. 2007-08 onwards. The Ld. DR further submitted that the Tribunal did not considered CBDT's Circular No. 6/2010 dated 20.09.2010 which clarified and Circular No. 319 dated 11.01.1982 deeming RRB's to be cooperative societies stands withdrawn for application with effect from 2007-08. The Ld. DR submitted that the Tribunal....

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....awn the benefit of Sec. 80P in case of RRB's only. The Ld. AR drew the attention of the Bench to the decision of the Hon'ble Bombay High Court in Writ Petition No. 2471 of 2019 and in Writ Petition No. 2477 of 2019 vide order dated 31.01.2020 wherein it is held as under: "9. Section 254(2) of the Act provides that Tribunal may, at any time within six month in which the order was passed, with a view to rectifying any mistake apparent from the record, amend any order passed by it while disposing of the appeal and shall make such amendment if the mistake is brought to its notice by the assessee or by the Assessing Officer. Substance of Section 254(2) of the Act is rectified of mistake apparent from the record. An error or mistake apparent fr....