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

Parties Involved

Facts Summary

Karassery Service Co-operative Bank Limited, a co-operative bank, appealed against the orders of the National Faceless Appeal Centre, Delhi, which disallowed the bank's section 80P(2) deduction claims for the assessment years 2007-08, 2012-13, and 2014-15. The bank argued that it was eligible for the deduction as it was a co-operative society. The lower authorities had disallowed the deduction, stating that the bank was a co-operative bank and not a co-operative society. The bank appealed to the Income Tax Appellate Tribunal, Cochin Bench.…

Legal Issues

• 1. Whether the assessee is a co-operative society or co-operative bank within the meaning of section 80P(2) of the Act, so as to be eligible for the impugned deduction.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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