Peroorkada Service Co-op. Bank Ltd. vs. The Income Tax Officer- 2(1)

Parties Involved

Facts Summary

The case ITA No. 306/Coch/2023 & CO No. 03/Coch/2023 for the Assessment Year 2016-17 involves an appeal by the Revenue against the National Faceless Appeal Centre, Delhi's order dated 23.02.2023. The Revenue argued that the CIT(A) erred in deleting the interest disallowance of Rs. 52,40,40,560/- made by the Assessing Officer. The assessee, Peroorkada Service Co-op. Bank Ltd., argued that the disallowance was inconsistent with previous years' assessments where interest expenses were allowed as being paid to members on their deposits. The Tribunal found no evidence that the assessee had paid interest to non-members and dismissed the Revenue's appeal.…

Legal Issues

• 1. Disallowance of interest expenses by the Assessing Officer

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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