Kalikavu Service Co-Operative Bank Ltd. vs. Income Tax Officer
Parties Involved
Facts Summary
The assessee, Kalikav Service Co-Operative Bank Ltd., is registered as a Primary Agricultural Co-op society and claims to be engaged in providing loans to its members for agricultural and rural development. The assessee is also operating a fertilizer store for distribution of fertilizers, pesticide, and other agriculture related products to its members. The assessee claims to have disbursed loans only to its members, but the Income Tax Officer found that only a small percentage of the total loan was given for agricultural purposes. The assessee argued that it is eligible for deduction under section 80P of the Act, but the National Faceless Appeal Centre, Delhi confirmed the disallowance of the deduction.…
Decision in favour of
Assessee
Legal Issues
- 1. The assessee claims that the Income Tax Officer erred in confirming the disallowance of the deduction under section 80P of the Act.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
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