Tribunal held that\u00a0\u00a0 when the CIT (A) had\u00a0 decided on the basis of a decision of the High Court which was subsequently reversed by the Full Bench, there would be a rectifiable mistake coming within S. \u00a0154 of the Act \u00a0. The Full Bench held that the activities of the assessee had to be examined to determine whether the assessee was a co-operative society or a co-operative bank. Thus the CIT (A ) had rightly recalled his earlier order granting deduction under S.\u00a0 80P(2). However he ought not to have rejected the claim of deduction under S. \u00a080P(2)\u00a0without examining the activities of the assessee. The issue of deduction under S. \u00a080P(2)\u00a0was remitted to the AO. The AO shall examine the activities of the assessee and determine whether the activities were in compliance with the activities of a co-operative society functioning under the Kerala Co-operative Societies Act, 1969 and accordingly grant deduction under S.\u00a080P(2)\u00a0 of the Act . Followed Mavilayi Service Co-Operative Bank Ltd. v. CIT ( 2019 ) 414 ITR 67 (FB) ( Ker) ( HC )\u00a0 ( AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 154 : Rectification of mistake – Commissioner (Appeals) granting deduction on basis of decision of High Court \u2014 Decision subsequently reversed by full bench \u2014 Order rectifying and disallowing the interest is held to be justified [ S.80P(2)(a) (i) , 250 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-13101","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3pj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13101"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13101\/revisions"}],"predecessor-version":[{"id":13102,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13101\/revisions\/13102"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}