Case Filed on: 2019-02-15
Date of Order: 2019-12-02
Pronounced on: 2019-12-02
The appeal by Mamurpur Co-operative Thrift and Credit Society Ltd. confronts the denial of interest deductions on deposits, which were disallowed under Section 80P(2)(a)(i) and Section 80P(2)(d) of the Income Tax Act, 1961, amounting to Rs. 16,34,897 for the assessment year 2013-14.
The appellant argued that similar cases had previously been decided in favor of the assessee by the ITAT ‘D’ Bench, citing the 2014 decision involving ACIT vs. M/s Jawala Cooperative Thrift & Credit Society Ltd. The appellant sought the same consideration for their case based on precedents.
The tribunal, presided over by Shri H.S. Sidhu, Judicial Member, heard both parties. After considering the precedents and the specific facts of the case, the tribunal found in favor of the appellant, ordering the deletion of the disputed additions and thereby allowing the appeal.
This case underscores the importance of judicial consistency and the application of precedent in tax law. It highlights how prior decisions can significantly influence the outcomes of similar cases, promoting a predictable and fair judicial process.
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