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2016 (7) TMI 1518 - AT - Income TaxDenying the deduction u/s 80P(2) - claim of deduction u/s 80P (2) was denied by the AO for the reason that the assessee is primarily engaged in the business of banking and in view of section 80P(4) of the Act, the assessee is not entitled to deduction u/s 80P(2) - HELD THAT:- The Hon’ble jurisdictional High Court in the case of The Chirakkal Service Cooperative Bank Ltd & others [2016 (4) TMI 826 - KERALA HIGH COURT] has held that the primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969 is entitled to the benefit of deduction u/s 80P(2). The primary agricultural credit societies, registered as such under the KCS Act; and classified so, under that Act, including the appellants are entitled to such exemption - Decided in favour of assessee
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