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2018 (11) TMI 210 - AT - Income TaxEntitlement to deduction u/s. 80P(2)(a)(i) - assessee is a primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969 - denying the claim of deduction u/s. 80P was that the assessee was primarily engaged in the business of banking - Held that:- Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. In the case of Chirakkal Service Co-op Bank Ltd. (2016 (4) TMI 826 - KERALA HIGH COURT) had held that a primary agricultural credit society, registered under the Kerala Cooperative Societies Act, 1969 is entitled to the benefit of deduction u/s. 80P(2). The assessee-society is entitled to the benefit of deduction u/s. 80P of the Act. - Decided in favour of assessee.
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