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

Parties Involved

Facts Summary

The case involves an appeal by Mananthavady Co-operative Urban Society Limited against an assessment order for the assessment year 2012-2013. The primary issue is whether the assessee is eligible for a deduction under section 80P of the Income-tax Act, 1961. The assessee claims that it is a co-operative society eligible for the deduction, while the respondent argues that it is a co-operative bank and thus ineligible. The Tribunal examined the statutory provisions and concluded that the assessee is not a co-operative bank and is entitled to 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.

Precedents Relied Upon

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