Ramanthali Service Co-op. Bank Ltd. vs. The Income Tax Officer - 3

Parties Involved

Facts Summary

The assessee, Ramanthali Service Co-op. Bank Ltd., filed an appeal against the disallowance of a deduction claim of Rs.1,55,98,881/- representing interest income from deposits made in co-operative Banks, as eligible for tax deduction. The respondent argued that the disallowance was rightly made, citing a precedent. The assessee argued that the interest income was eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal adopted the reasoning of a similar case decided by the High Court, which rejected the Revenue's stand and held that the interest income did not come within the ambit of Section 80P(2)(a)(i).…

Legal Issues

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

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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