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| The Tax Publishers2019 TaxPub(DT) 1659 (Coch-Trib) INCOME TAX ACT, 1961
Section 80P(2)
In view of High Court decision in the case of Chirakkal Service Co-op. Bank Ltd. v CIT ((2016) 384 ITR 490 (Ker) : 2016 TaxPub(DT) 1770 (Ker-HC)) assessee, a primary agricultural credit society, registered under the State Cooperative Societies Act, 1969 was entitled to the benefit of deduction under section 80P(2).
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Deduction under section 80P(2) - Whether assessee primary agricultural credit society entitled to claim deduction under section 80P - Allowability -
Assessee, a co-operative bank, had claimed deduction under section 80P. AO denied the deduction claimed alleging that assessee was primarily engaged in business of banking and therefore, in view of provisions of section 80P(4) which was inserted with effect from 1-4-2007, assessee was not entitled to deduction under section 80P. Held: High Court in the case of Chirakkal Service Co-op. Bank Ltd. v CIT ((2016) 384 ITR 490 (Ker) : 2016 TaxPub(DT) 1770 (Ker-HC)) had held that assessee, a primary agricultural credit society, registered under the State Cooperative Societies Act, 1969 was entitled to the benefit of deduction under section 80P(2).
Followed:The Chirakkal Service Co-operative Bank Ltd. v. CIT 2016 (4) TMI 826 - Kerala High CourtRelied:Citizen Co-operative Society Ltd. v. Asstt. CIT 2017 TaxPub(DT) 5616 (SC) ITO v. M/s. Maruthonkara Service Co-operative Bank Ltd. [ITA No. 474/Coch/2017 order dt. 8-3-2018]
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
IN THE ITAT, COCHIN BENCH
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