| |
| The Tax Publishers2020 TaxPub(DT) 4111 (Coch-Trib) INCOME TAX ACT, 1961
Section 80P
When certificate had been issued to assessee by Registrar of Co-operative Societies characterizing it as primary agricultural credit society, necessarily, deduction under section 80P(2) was to be granted to assessee. However, AO was directed to examine activities of assessee and determine as to whether activities were in compliance with activities of a co-operative society functioning under Kerala Co-operative Societies Act, 1969 and accordingly grant deduction under section 80P(2).
|
Deduction under section 80P - Co-operative society - Assessee society registered under Kerala Co-operative Societies Act, 1969 -
Assessee, a co-operative society registered under Kerala Co-operative Societies Act, 1969, claimed deduction under section 80P. AO held that assessee was doing the business of banking and therefore, in view of insertion of section 80P(4) with effect from 1-4-2007, assessee was not entitled to the deduction under section 80P(2).Held: When certificate had been issued to assessee by Registrar of Co-operative Societies characterizing it as primary agricultural credit society, necessarily, deduction under section 80P(2) was to be granted to assessee. However, AO was directed to examine activities of assessee and determine as to whether activities were in compliance with activities of a co-operative society functioning under Kerala Co-operative Societies Act, 1969 and accordingly grant deduction under section 80P(2).
Followed:The Mavilayi Service Co-operative Bank Ltd. v. CIT [ITA No. 97/2016 Order, dated 19-3-2019] : 2019 TaxPub(DT) 4909 (Ker-HC).
REFERRED :
FAVOUR : Matter remanded.
A.Y. :
IN THE ITAT, COCHIN BENCH
 SUBSCRIBE FOR FULL CONTENT
|