Iriveri Service Co-operative Bank Limited v. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Iriveri Service Co-operative Bank Limited, filed three appeals (ITA Nos.500/Coch/2023, 501/Coch/2023 & 502/Coch/2023) against the Commissioner of Income Tax (Appeals)/National Financial Advisory Committee (NFAC) orders dated 09.05.2023. The appeals were heard on 13.08.2024 and the judgment was pronounced on 25.09.2024. The lower authorities had disallowed the assessee's section 80P deduction claim as it failed to satisfy the statutory conditions. The NFAC's order did not decide the assessee's substantive grounds on merits. The bench deemed it appropriate to restore the assessee's appeal to the NFAC for a fresh adjudication.…

Legal Issues

• 1. Disallowance of section 80P deduction claim
• 2. NFAC's order on merits

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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