M/s. Puthiyangadi Service Co-operative Bank Limited v. The Income Tax Officer

Parties Involved

Facts Summary

The case involves an appeal by M/s. Puthiyangadi Service Co-operative Bank Limited against the order of the National Faceless Appeal Centre, Delhi, regarding the disallowance of its deduction claim under section 80P(2) of the Income Tax Act, 1961. The assessee claimed a deduction for income derived from the Kozhikode District Co-operative Bank. The Revenue argued that the assessee is a co-operative bank and not eligible for the deduction. The Tribunal examined the eligibility of the assessee for the deduction under section 80P, considering the definitions and provisions of the Banking Regulation Act, 1949, and the NABARD Act, 1981. The Tribunal concluded that the assessee is not a co-operative bank and is eligible for the deduction under section 80P.…

Legal Issues

• 1. Whether the assessee is a co-operative society or co-operative bank eligible for section 80P deduction.

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

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

  Cochin bench

• Thavinjal Service Co-op. Bank Ltd. vs. The Income Tax Officer

  Cochin bench

• M/s. Chirayinkeezhu Service Cooperative Bank Ltd. vs. The Income Tax Officer

  Cochin bench

• Mananthavady Co-operative Urban Society Limited v. The Income Tax Officer

  Cochin bench

• Nedumon Service Co-op. Bank Ltd. vs. The Income Tax Officer

  Cochin bench

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

  Cochin bench