Chitra Venkataraman, J.@mdashThe Revenue is on appeal, as against the order of the Tribunal, relating to the assessment years 1987-1988 and 1992-1993.
2. It is seen from the order of the Tribunal that following the order passed in the Assessee''s own case for the assessment years 1988-1989 to 1990-1991, the appeal filed by the Revenue was rejected. Hence, the present appeal by the Revenue.
3. The learned Counsel appearing for the Revenue, as well as the Assessee placed before this Court the decision reported in Commissioner of Income Tax v. Ponni Sugars and Chemicals Ltd. (2009) ITR 386 ITR 392 (SC), for which the Assessee is also a party, wherein the Apex Court remanded the matter back to the Tribunal on the question whether the society was entitled to exemption u/s 80P(2)(a)(i) of the Income Tax Act, 1961, in respect of the interest received from the members of the society, since the authorities below had not examined the Memorandum of Association, 3 Articles of Association, the return of income filed by the Assessee and the status of the business indicated in the return. Thus, the Apex Court reversing the decision of this Court held that the eligibility condition in the schemes has to be considered
4. In the light of the order of the Supreme Court, we have No. hesitation in setting aside the order of the Tribunal, thereby remitting the matter back to the Tribunal to consider the issue in terms of the directions of this Court. The Tax Case Appeals are allowed. No. costs.
