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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI
Before: SHRI D. KARUNAKARA RAO
अऩीराथी की ओय से / Appellant by : Ms. Beena Santosh, DR प्रत्मथी की ओय से/ Respondent by : Shri Ramesh S. Iyer सुनवाई की तायीख / Date of Hearing : 23.03.2017 घोषणा की तायीख /Date of Pronouncement : 29.03.2017 आदेश / O R D E R PER D. KARUNAKARA RAO, AM:
This appeal filed by the Revenue on 10.06.2016 is against the order of the CIT (A)-33, Mumbai dated 28.3.2016 for the assessment year 2012-2013.
In this appeal, assessee raised three grounds in toto and they relate to the allowablility of deduction u/s 80P(2)(a)(i) of the Act in respect of certain receipts. Assessee claimed that it is a „society‟ and not a „bank‟. However, AO treated the same as a “bank” and invoked the provisions of section 80P(4) of the Act. Matter travelled to the first appellate authority.
During the proceedings before the first appellate authority, after considering the submissions of the assessee, CIT (A) allowed the appeal. Aggrieved with the said decision of the CIT (A), Revenue is in appeal before the Tribunal.
During the proceedings before the Tribunal, Ld DR for the Revenue relied on the order of the AO.