Disallowance of Deduction Claim u/s 80P(2)(a)(i) of Income Tax Act without Following Precedence: Kerala HC sets aside Assessment order [Read Order]
The court observed that an erroneous assessment occasioned by ignoring a binding judgment of the Supreme Court cannot be trivialized as an order against which an appellate remedy lies which would provide justice to an assessee
The Kerala High Court set aside the income tax assessment order as the department failed to consider the precedent while disallowing the claim of deduction under section 80O (a)(i) of the Income Tax Act, 1961. Vallapuzha Service Co-Operative Bank Ltd , the petitioner challenged the order of assessment under Section 143(3) of the Income Tax…
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