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

Parties Involved

Facts Summary

The case involves an appeal by Thavinjal Service Co-op. Bank Ltd. against the disallowance of a deduction under Section 80P of the Income Tax Act, 1961. The assessee claimed the deduction in its return filed on 16.09.2012 for the assessment year 2010-11. The Revenue argued that the assessee should not have claimed the deduction as it was filed beyond the due date. However, the assessee argued that the case law of Chirakkal Service Co-operative Bank Ltd. v. CIT [2016] 384 ITR 490 (Ker) supports its claim. The Tribunal found that the assessee was not a co-operative bank as defined under the Banking Regulation Act, 1949, and hence, was eligible for the deduction under Section 80P.…

Legal Issues

• 1. Whether the assessee is eligible for the deduction under Section 80P of the Income Tax Act, 1961?

Judgment Outcome

Decided in favour of Assessee.

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