Thurayur Service Co-operative Bank Limited v. The Income Tax Officer

Parties Involved

Facts Summary

Thurayur Service Co-operative Bank Limited (appellant) filed appeals against the order passed by the National Faceless Appeal Centre, Delhi, for the assessment years 2014-15 and 2015-16. The lower authorities had disallowed the appellant's deduction claim under Section 80P of the Income Tax Act, 1961, treating it as a co-operative bank and not a co-operative society. The appellant argued that it was eligible for the deduction as it was not a co-operative bank but a co-operative credit society. The case was heard on 12.08.2024 and the order was pronounced on 25.09.2024.…

Legal Issues

• 1. Whether the appellant is a co-operative society or a co-operative bank within the meaning of Section 80P(2) of the Act to be eligible for the deduction.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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