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

Parties Involved

Facts Summary

The case involves appeals by Vallapuzha Service Co-operative Bank Limited against orders of the National Faceless Appeal Centre, Delhi, pertaining to the assessment years 2014-15 and 2015-16. The bank challenges the disallowance of deductions under section 80P(2)(a)(i) of the Income Tax Act, 1961. The bank argues that it is a cooperative bank providing various banking services, including loans and deposits. The lower authorities had disallowed certain deductions, which the bank contests, claiming that the income from interest is derived from its members only.…

Legal Issues

• 1. Disallowance of Rs. 1,36,33,449/- under the provisions for NPA and disallowance of Rs. 27,99,630/- u/s 80P(2)(a)(i) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• The Belthangady Co-operative Agricultural Sangha Limited Vs. The Income Tax Officer

  'B' Bench, Bangalore benchAY 2017-18 & 2018-19Partly Allowed

• Indore Sahakari Dugdh Sangh Maryadit vs. ACIT/ITO

  Indore bench

• Jagannath Co-operative Credit Society vs ITO, Ward -41(1)(2)

  Mumbai benchAY 2016-17Allowed

• Rajarshi Shahu Multistate Co-operative Credit Society Ltd. v/s Income Tax Officer

  Nagpur bench

• Income Tax Appellate Tribunal 'A' Bench, Pune

  Pune bench

• Chunakhali Samabay Krishi Unnayan Samity Ltd. Vs. I.T.O., Ward-56(3), Murshidabad

  Kolkata 'SMC' Bench benchAY 2020-21Allowed