Muppathadam Service Cooperative Bank Limited vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Muppathadam Service Cooperative Bank Limited, filed an appeal against the assessment order for the assessment year 2018-2019. The appeal was against the order of the Commissioner of Income Tax (Appeals) - National Faceless Appeal Centre, Delhi. The assessee sought to reverse the disallowance of its deduction under section 80P of the Income Tax Act, 1961. The lower authorities had disallowed the deduction under section 143(1)(a) of the Act. The assessee argued that the disallowance was not applicable as the Finance Act, 2021 amended section 143(1)(a)(v) with effect from 01.04.2021, which could not be invoked retrospectively for the assessment year 2018-19.…

Legal Issues

• 1. Disallowance of section 80P deduction under section 143(1)(a) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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