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2018 (10) TMI 1440 - AT - Income TaxDeduction u/s. 80(P) - assessee is a Co-operative Agricultural and Rural Development Bank, registered under the Kerala Co-operative Societies Act, 1969 - Held that:- We find that an identical issue has been considered by the Tribunal in case of M/s.Kottayam Cooperative Agricultural & Rural Development Bank Limited v. ITO (2018 (10) TMI 1121 - ITAT COCHIN), wherein the Tribunal held that the assessee was not entitled to the benefit of deduction u/s 80P(2) of the I.T.Act. The mischief of sub-section (4) will not fall on a primary cooperative agricultural and rural development bank provided it’s operation is limited to a taluk and the principal object of which is to provide for long term credit for agricultural and rural development activities. Since the assessee’s area of operation was not confined to a Taluk for the relevant assessment year, we hold that it was not entitled to the benefit of deduction u/s. 80P(2) of the Act. - Decided against assessee.
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