THE ITO, KOTTAYAM vs. THE VALAVOOUR SERVICE CO-OP BANK LTD, KOTTAYAM

ITA 2/COCH/2017Status: DisposedITAT Cochin01 January 2018AY 2012-1312 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s order, allowing the deduction under Section 80P. It followed the jurisdictional High Court's decision in Chirakkal Service Co-operative Bank Ltd., which held that registered primary agricultural credit societies are entitled to the Section 80P deduction.

What were the facts?

The assessee, a Primary Agricultural Co-operative Credit Society, claimed deduction under Section 80P for AY 2012-13. The Assessing Officer denied this deduction, arguing the society was primarily engaged in banking and not agricultural loans, especially after the insertion of Section 80P(4). The CIT(A) allowed the deduction, relying on High Court and Apex Court judgments.

What were the issues?

Whether a registered primary agricultural credit society is entitled to deduction under Section 80P, and whether interest income from deposits is eligible for this deduction.

Which sections of the Income-tax Act were involved?

Section 80P,Section 80P(2),Section 80P(4)

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Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri George George K, JM & Shri Manjunatha G, AM

For Respondent: DR Assessee by : Sri. Josekutty Jacob
Hearing: 20.12.2017Pronounced: 04.01.2018

Heard together (2 matters)

ITA No.02/Coch/2017
CO No.08/Coch/2017

Read from the judgment's own cause title. This page is filed under one of them.

Per George George K, JM

This appeal at the instance of the Revenue and the Cross Objection filed by the assessee is directed against the CIT(A)’s order dated 02.12.2016. The relevant assessment is 2012- 2013. 2. Briefly stated the facts of the case are as follow:- 2 CO No.08/Coch/2017. M/s.Valavoor Service Co-op Bank Ltd.

2.

1 The assessee is a Primary Agricultural Co-operative Credit Society, registered under the Kerala Co-operative Society Act, 1969. It is providing credit facilities to its members. For the assessment year 2012-2013, the r

The order continues below.

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