Commr.Of Income Tax,Chennai vs M/S Modern Eng.Constrn.Co-Op.Sty.Ltd

The Supreme Court set aside the Madras High Court's judgment dismissing appeals under Section 260-A of the Income Tax Act, 1961, regarding the claim of deduction under Section 80P(2)(a)(i). The Court found that the High Court failed to consider relevant facts and did not notice the precedent set in Madas Autorickshaw Drivers v. Commissioner of Income Tax, 2001 (10) SCC 175. The matter was remitted to the High Court for fresh consideration, without expressing any opinion on the merits of the case.