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2018 (4) TMI 1206 - AT - Income TaxEntitlement to deduction u/s 80P(2) - assessee is a primary agricultural credit society - Held that:- As relying on case of Chirakkal Service Co-Operative Bank Ltd. Versus CIT [2016 (4) TMI 826 - KERALA HIGH COURT] CIT(A) was justified in directing the A.O. to grant deduction u/s 80P(2) of the I.T.Act to the assessee wherein held Tribunal erred in law in deciding the issue regarding the entitlement of exemption under section 80P against the appellants. We hold that 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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