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2017 (2) TMI 1404 - AT - Income TaxDenial of deduction under Section 80P - assessee a Co-operative Bank claimed deduction - Held that:- As rightly submitted by the assessee, the Madras High Court in the assessee’s own case [2017 (4) TMI 181 - MADRAS HIGH COURT] found that the assessee Co-operative Bank is not a bank and it is only a credit society. The High Court further observed that the activity of the assessee in accepting deposits, advancing loans etc., are confined only to its members and also restricted to a particular geographical area. Therefore, the High Court found that the assessee’s society is eligible for deduction under Section 80P(2)(a)(i) - no reason to interfere with the order of the lower authority. Accordingly the same is confirmed. - decided against revenue
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