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The Tax Publishers2019 TaxPub(DT) 8203 (Coch-Trib) INCOME TAX ACT, 1961
Section 80P(2)
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 Co-operative Societies Act, 1969 was entitled to the benefit of deduction under section 80P(2).
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Deduction under section 80P(2) - Allowability - Whether assessee being primary agricultural credit societies could claim deduction under section 80P -
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). Therefore, deduction could not be denied to assessee.
Followed:The Chirakkal Service Co-operative Bank Ltd. v. The CIT (2016) 384 ITR 490 (Ker) : 2016 TaxPub(DT) 1770 (Ker-HC) The Mavilayi Service Co-operative Bank Ltd. & Ors. v. CIT [ITA No.97/2016, Order, dt. 19-3-2019] : 2019 TaxPub(DT) 4909 (Ker-HC)
REFERRED :
FAVOUR : In assessee's favor
A.Y. :
IN THE ITAT, COCHIN BENCH
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