Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (1) TMI 647 - AT - Income TaxDeduction u/s 80P(2a)(i) - Assessee is a cooperative society - applicability of provisions of sec.80P(4) - HELD THAT:- As relying on case Baroda Uttar Pradesh Gramin Bank 2022 (3) TMI 848 - ALLAHABAD HIGH COURT we hold that the assessee is a cooperative society for the purpose of Income-tax Act and assessee is eligible for claiming deduction as per sec. 80P(2)(a)(i) of the Act. The provisions of sec.80P(4) will not apply in the case of the assessee. Accordingly, the additional ground Nos.1 and 2 raised by the assessee is allowed. Assessee is an AOP or cooperative society - The assessee has himself obtained PAN No. in the capacity of AOP and from the alphabets of PAN, it is clear that the assessee is an AOP, the arguments taken by the assessee does not survive. therefore, the issue raised by the assessee is dismissed. However, for the purpose of claiming deduction u/s 80P of the Act as per the Regional Rural Bank Act we have uphold that it is a cooperative society. therefore, the ground No.4 is premature.
|