KERALA STATE CO-OERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD. Vs. THE COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Aving heard the learned counsel appearing for the appellant and the learned senior advocate for the Revenue, we encapsulate the question for decision in this appeal under Section 260A of the Income Tax Act, 1961, "IT Act", for brevity, as follows:

(2.) We are dealing with the assessment year 2007-2008 or thereafter, and are therefore concerned with the impact of the insertion of Sub-section 4 of Section 80P in the IT Act with effect from 1.4.2007. We proceed accordingly.

(3.) In this appeal we do not propose to consider whether the appellant would be entitled to different deductions with respect to Sub-sections 1 and 2 of Section 80P of the IT Act as may be claimed by it; even if it does not escape from the application of Section 80P by recourse to Sub-section 4 of that Section. We do so because no such issue appears to have been pointedly addressed by the Appellate Tribunal, which could be decided by us in this appeal; without prejudicing the contentions of the appellant and the department in another appeal; namely, ITA. No.137 of 2011 filed by the department.