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2022 (1) TMI 888 - AT - Income TaxDeduction u/s 80P - main provision contained in section 80P(1) and (2) specifically excludes only co-operative banks, which are co-operative societies who must possess a license from the RBI to do banking business - HELD THAT:- We find that it is nobody’s case that the assessee society has received interest from a co-operative bank, which is having the license from RBI. In this view of the matter, the issue is squarely covered in favor of the assessee by the aforesaid decision of Hon’ble Supreme Court in THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS. VERSUS COMMISSIONER OF INCOME TAX, CALICUT & ANR. [2021 (1) TMI 488 - SUPREME COURT] - Decided against revenue.
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