PATTAMBI SERVICE CO-OPERATIVE BANK LIMITED,PALAKKAD vs. INCOME TAX OFFICER, PALAKKAD

ITA 937/COCH/2025Status: HeardITAT Cochin10 August 2026AY 2020-2115 pages
AI SummaryPartly Allowed

What were the facts?

The assessee, a co-operative bank, claimed deductions under Section 80P(2)(a)(i) and faced disallowances for non-deduction of TDS and miscellaneous income. The Assessing Officer and CIT(A) made additions, which the assessee contested, claiming the show-cause notice was not served.

What did the Tribunal hold?

The Tribunal found that the issue of deduction under Section 80P was covered in favour of the assessee by jurisdictional High Court decisions. However, issues related to TDS disallowances and miscellaneous income required fresh verification.

What were the issues?

Whether interest income on surplus deposits qualifies for deduction under Section 80P(2)(a)(i) and whether disallowances for non-deduction of TDS and miscellaneous income are justified.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 40(a)(ia),Section 36(1)(v)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: SHRI PRASHANT MAHARISHI, VICE – & SHRI KESHAV DUBEY

For Respondent: Ms. Neethu S, Snr DR

PER PRASHANT MAHARISHI, VICE – PRESIDENT

1.

Pattambi Service Co-operative Bank Limited, the applicant, has filed these stay applications before us for Assessment Years 2016-17 to 2022-23, and S.A. No. 01/Coch/2026 for Assessment Year 2023-24, seeking stay of demand arising from and pending in the appeals in ITA Nos. 934, 936-939 & 1048/Coch/2025 for the respective assessment years.

2.

Shri Shreya S. Samuel, Chartered Accountant and authorised representative of the assessee, referred to ITA No. 934/Coch/2025 for As

The order continues below.

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