Panniyankara Service Co-op. Bank Ltd. vs. The Income Tax Officer - 1(3)

Parties Involved

Facts Summary

The assessee's appeal for A.Y. 2016-17 arises against the National Faceless Appeal Centre, Delhi [CIT(A)]’s DIN & Order No. ITBA/ NFAC/S/250/2023-24/1057323865(1) dated 25.10.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act). The assessee's sole substantive grievance raised in the instant appeal seeks to reverse the action of the lower authorities disallowing sections 80P(2)(d) deduction amounting to Rs. 43,17,534/- representing interest income from deposits made in co-operative Banks as eligible for tax deduction.…

Legal Issues

• 1. Whether the interest income from deposits made in co-operative Banks is eligible for tax deduction under section 80P(2)(d)?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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