12 results for “disallowance”+ Section 271(1)(b)clear
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In the result, the appeals of the Revenue are dismissed and the Cross Objections of the assessee are allowed
Bench: Shri. B. R. Baskaran & Shri Amit Shukla
b. A sub-section 80P(4) was introduced by Finance Act, 2006 w.e.f. 01.04.2007 withdrawing deduction u/s 80P in relation to any cooperative bank. The explanatory note to Finance Act with regard to this section is noted below:- “Withdrawl of tax benefits available to certain cooperative banks:- Section 80P, inter alia, provides for a deduction from the total income