Kerala State Cooperative Agricultural and Rural Development Bank Ltd. v. Assessing Officer

458 ITR 384Supreme Court of India2023#1211 most cited

What is Kerala State Cooperative Agricultural and Rural Development Bank Ltd. v. Assessing Officer authority for?

Deduction under section 80P(2)(d) of the Income-tax Act is available to cooperative societies for interest income. This Supreme Court decision affirms that the legal controversy on this matter is settled.

93

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2021 to 2026.

Also referred to as

Kerala State Cooperative Agricultural and Rural Development Bank Ltd. · Assessing Officer · Section 80P(2)(d) deduction · cooperative societies · interest income · tax exemption · inter-cooperative deposits · settled law · no more res integra · 2023 SC judgment

Also reported as

295 Taxmann 675

Sections most often in play

Section 80P(2)(d)Section 80P(4)Section 80P(2)(a)(i)Section 250Section 80PSection 143(3)Section 143(1)Section 56

Issues it is cited on

section 2(u)section 56(cci)section 56(c)(i)(cci)section 56(c)section 2(d)section 5(c)section 22(1)(b)section 2(c)section 5(b)section 80(p)(4)section 22(1)section 80(p)(2)

Judgments citing Kerala State Cooperative Agricultural and Rural Development Bank Ltd. v. Assessing Officer

Income Tax Officer 41(2)(5), Mumbai vs. Shivkrupa Sahakari Patpedhi Limited, Mumbai

In the result, the appeal of the assessee bearing ITA No

ITA 4395/MUM/2023[2020-21]Status: DisposedITAT Mumbai18 Jul 2025AY 2020-21

Bench: Shri Narendra Kumar Billaiya, Account Member & Shri Anikesh Banerjeeincome-Tax Officer-41(2)(5), Vs Shivkrupa Sahakari Patpedhi Mumbai, Limited, Room No. 629, Kautilya Kai Namdevrao Patane Smruti Bhavan, Bandra Kurla Bhavan, Gomsawadi, Station Road, Complex, Bandra East, Vikhroli East, Mumbai-400 083 Mumbai-400 051 Pan: Aaaas3870K Applicant Respondent

For Appellant: Shri Kishore Phadke (virtually appear)For Respondent: Shri Arun Kanti Datta – CIT DR
Section 143(3)Section 144BSection 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…tion claimed by the appellant u/s 80P(2)(d) taking into consideration the judgement passed by Hon'ble Apex Court in the case of Kerala State Cooperative Agricultural and Rural Development Bank Ltd v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC). The relevant extract is as follows- "28. Having heard learned advocates for the respective parties and considering the controversy arising in these tax appeals, we are of the opinion that the controversy sought to be canvassed with regard to deduction under section 80P(2)(d) of the Act is no more res integra in view of the decision of this…

Income Tax Officer, Ward-1, Hospet vs. Gayatri Pattina Souharda Sahakari Sangha Niyamitha, Hospet

ITA 1078/BANG/2024[2017-18]Status: DisposedITAT Bangalore17 Jul 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Balram R Rao, A.RFor Respondent: Ms. Neha Sahay, D.R
Section 143(1)Section 143(3)Section 194ASection 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…m of section 80P of the Act. 9.15.1 We are of the considered opinion that the Hon'ble Supreme Court in the case of Kerala State co-operative agricultural and rural development bank Ltd. KSCARDB v. the Assessing Officer, Trivandrum and Ors. Reported in (2023) 458 ITR 384 analyzed, whether the assessee therein could be treated as a “co-operative Bank” within the meaning of sec. 80P(4) of the Act. The Hon'ble Supreme Court considered the above issue in case of an assessee who is a state level Agricultural and Rural Development Bank, governed as a cooperative society, under the relevant state cooperative societies A…

Principal Commissioner vs. Sri. Ch. Govardhan Naidu

ITTA/56/2025HC Telangana09 Jul 2025

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

M/S the Panniyankara Service Co-Op Bank Ltd, Kozhikode vs. The Joint Commissioner of Income Tax, Range 1, Kozhikode

In the result, the appeal filed by the assessee is dismissed

ITA 910/COCH/2022[2015-16]Status: DisposedITAT Cochin21 May 2025AY 2015-16

Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav

For Appellant: Sri.Arun Raj S, AdvocateFor Respondent: Smt.Veni Raj, CIT-DR
Section 143(3)Section 269SSection 271Section 271DSection 273BSection 275(1)(c)Section 80PSection 80P(2)(a)

…the banking business in the absence of any licence granted by the RBI. In this connection, he relied on the judgment of the Hon’ble Supreme Court in the case of Kerala State Co- operative Agricultural & Rural Development Bank Ltd. v. Assessing Officer (2023) 458 ITR 384 (SC). He further submits placing reliance on the provisions of sec.56 of the Banking Regulation Act, 1949 that no co-operative society shall carry out banking in India unless it is a co-operative bank and holds a licence issued in that behalf by the RBI. He further submits that the transactions of acceptance of deposits or loans in cash from memb…

Neere Bailur Vyavasaya Seva Sahakari Sangha N, Udupi vs. Income Tax Officer Ward 1 and Tps, Udupi, Karnataka

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1518/BANG/2024[AY 2018-19]Status: DisposedITAT Bangalore19 May 2025

Bench: Shri Laxmi Prasad Sahuassessment Year : 2018-19

For Appellant: Shri Sriram V Rao, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 143(1)Section 143(3)Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ety Ltd. in ITA No.771/2023 dated 12.12.2023. (iii) Shree Cheerumba Credit Co-op. Society Ltd. in ITA No.547, 548 & 599/2024 dated 17.5.2024. (iv) Hon’ble Supreme Court decision in the case of Kerala State Co-op. Agricultural & Rural Development Bank Ltd., in 458 ITR 384 dated 14.9.2023. (v) Totagar’s Co-op. Sale Society Ltd. 58 taxmann.com 35 6. Alternatively it was contended that even if the interest is taxed u/s. 56 of the Act, it is eligible for claim of cost of funds u/s. 57(iii) of the Act. It was further contended that the ld. CIT(Appeals) has passed ex parte order without affording sufficient opportunity…

The Nadapuram Service Cooperative Bank Limited, Kozhikode vs. JCIT, Range 2, Kozhikode

In the result, the appeal filed by the assessee stands dismissed

ITA 957/COCH/2024[2015-16]Status: DisposedITAT Cochin14 May 2025AY 2015-16

Bench: Shri Inturi Rama Rao & Shri Sandeep Singh Karhail

For Appellant: Sri.V.S.Narayanan, CAFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 143(3)Section 269SSection 269TSection 271DSection 274

…o the banking business in the absence of any licence granted by the RBI. In this connection, he relied on the judgment of the Hon’ble Supreme Court in the case of Kerala State Co-operative Agricultural & Rural Development Bank Ltd. v. Assessing Officer (2023) 458 ITR 384 (SC). He further submits placing reliance on the provisions of sec.56 of the Banking Regulation Act, 1949 that no co-operative society shall carry out banking in India unless it is a co-operative bank and holds a licence issued in that behalf by the RBI. He further submits that the transactions of acceptance of deposits or loans in cash from memb…

Yudhishtir Cooperative Housing Society Ltd, Mumbai vs. ITO Ward 42(1)(4), Mumbai

In the result, the appeal of the assessee bearing ITA No

ITA 1784/MUM/2025[2017-18]Status: DisposedITAT Mumbai25 Apr 2025AY 2017-18

Bench: Shri Vikram Singh Yadav & Shri Anikesh Banerjeeyudhishtir Co-Operative Vs Jao, Ward Mum-W-42(1)(4), Housing Society Ltd, Kautilya Bhavan, Bandra East, Anand Nagar, N.L. Complex, Mumbai-400 051 Dahisar (East), Mumbai-400 068 Pan: Aaaay4170G Appellant Respondent

For Appellant: ShriVidyadhar KhandekarFor Respondent: Shri Asif Kamali (SR. DR.)
Section 139(1)Section 143Section 143(3)Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…tion claimed by the appellant u/s 80P(2)(d) taking into consideration the judgement passed by Hon'ble Apex Court in the case of Kerala State Cooperative Agricultural and Rural Development Bank Ltd v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC). The relevant extract is as follows- "28. Having heard learned advocates for the respective parties and considering the controversy arising in these tax appeals, we are of the opinion that the controversy sought to be canvassed with regard to deduction under section 80P(2)(d) of the Act is no more res integra in view of the decision of this…

Mes Industrial Employees Cooperative Credit Society Limited, Mumbai vs. Income-Tax Officer, Ward 25(2)(1). Mumbai, Kautilya Bhavan, Mumbai

In the result, the appeal of the assessee bearing ITA No

ITA 1783/MUM/2025[2017-2018]Status: DisposedITAT Mumbai25 Apr 2025AY 2017-2018

Bench: Shri Vikram Singh Yadav & Shri Anikesh Banerjeemes Industrial Employees’ Co- Vs Income-Tax Officer,Ward 25(2)(1), Operative Credit Society Ltd Mumbai, C/O Age E/M (West), 8, Maude C41-43, G Block, Gilban Area, Lanes, Colaba, Mumbai-400 Bandra Kurla Complex, Bandra 005 (East), Mumbqi-400 051 Pan: Aaajm0526F Appellant Respondent

For Appellant: ShriAnup ShahFor Respondent: Shri Asif Kamali (SR. DR.)
Section 143(1)Section 143(2)Section 143(3)Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…S Industrial Employees’ Co-operative Credit Society Ltd consideration the judgement passed by Hon'ble Apex Court in the case of Kerala State Cooperative Agricultural and Rural Development Bank Ltd v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC). The relevant extract is as follows- "28. Having heard learned advocates for the respective parties and considering the controversy arising in these tax appeals, we are of the opinion that the controversy sought to be canvassed with regard to deduction under section 80P(2)(d) of the Act is no more res integra in view of the decision of this…

Pr. Commissioner of Income Tax, Panchkula vs. M/S Haryana State Co-Operative Agricultural and Rural Development Bank Limited

Appeal is dismissed

ITA/53/2021HC Punjab & Haryana07 Apr 2025

Bench: MRS. JUSTICE LISA GILL,MR. JUSTICE ALOK JAIN

Section 80P(2)(a)

…ITA-53-2021 (O&M) -:1:- IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA-53-2021 (O&M) Date of Decision:-07.04.2025 PR. COMMISSIONER OF INCOME TAX, PANCHKULA … Appellant Versus M/S HARYANA STATE CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LIMITED ... Respondents -.- CORAM: HON'BLE MRS. JUSTICE LISA GILL HON'BLE MR. JUSTICE ALOK JAIN Present:- Mr. Saurabh Kapoor, Advocate and Ms. Muskaan Gupta, Advocate for Income Tax Department-Appellant. Ms. Radhika Suri, Senior Advocate with Mr. Abhinav Narang, Advocate and Ms. Parnika Singla, Advocate…

Jaimuni Sahakari Patpedhi Maryadit, Vasai Virar vs. Assessment Unit Income Tax Department, Thane

In the result, appeal of the assessee bearing ITA No

ITA 334/MUM/2025[2020-21]Status: DisposedITAT Mumbai06 Mar 2025AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Omkareshwar Chidara

For Appellant: Shri Anand Desai / Shri Sachin LopesFor Respondent: Ms. Kavitha Kaushik,(SR DR)
Section 143Section 143(3)Section 144BSection 250Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…tion claimed by the appellant u/s 80P(2)(d) taking into consideration the judgement passed by Hon'ble Apex Court in the case of Kerala State Cooperative Agricultural and Rural Development Bank Ltd v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC). The relevant extract is as follows- "28. Having heard learned advocates for the respective parties and considering the controversy arising in these tax appeals, we are of the opinion that the controversy sought to be canvassed with regard to deduction under section 80P(2)(d) of the Act is no more res integra in view of the decision of this…

Jaimuni Sahakari Patpedhi Maryadit, Vasai Virar vs. ITO Ward 4(1) Thane, Thane

In the result, appeal of the assessee bearing ITA No

ITA 333/MUM/2025[2018-19]Status: DisposedITAT Mumbai06 Mar 2025AY 2018-19

Bench: Shri Anikesh Banerjee & Shri Omkareshwar Chidara

For Appellant: Shri Anand Desai / Shri Sachin LopesFor Respondent: Ms. Kavitha Kaushik,(SR DR)
Section 143Section 143(3)Section 144BSection 250Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…tion claimed by the appellant u/s 80P(2)(d) taking into consideration the judgement passed by Hon'ble Apex Court in the case of Kerala State Cooperative Agricultural and Rural Development Bank Ltd v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC). The relevant extract is as follows- "28. Having heard learned advocates for the respective parties and considering the controversy arising in these tax appeals, we are of the opinion that the controversy sought to be canvassed with regard to deduction under section 80P(2)(d) of the Act is no more res integra in view of the decision of this…

Jaimuni Sahakari Patpedhi Maryadit, Vasai Virar vs. ITO Ward 4(2) Thane, Thane

In the result, appeal of the assessee bearing ITA No

ITA 332/MUM/2025[2017-18]Status: DisposedITAT Mumbai06 Mar 2025AY 2017-18

Bench: Shri Anikesh Banerjee & Shri Omkareshwar Chidara

For Appellant: Shri Anand Desai / Shri Sachin LopesFor Respondent: Ms. Kavitha Kaushik,(SR DR)
Section 143Section 143(3)Section 144BSection 250Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…tion claimed by the appellant u/s 80P(2)(d) taking into consideration the judgement passed by Hon'ble Apex Court in the case of Kerala State Cooperative Agricultural and Rural Development Bank Ltd v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC). The relevant extract is as follows- "28. Having heard learned advocates for the respective parties and considering the controversy arising in these tax appeals, we are of the opinion that the controversy sought to be canvassed with regard to deduction under section 80P(2)(d) of the Act is no more res integra in view of the decision of this…

The Belthangady Co-Operative Agricultural Sangha Limited, Belthangady vs. Income Tax Officer, Ward-1, Puttur

ITA 1943/BANG/2024[2017-18]Status: DisposedITAT Bangalore28 Jan 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Krishna Kantila, C.AFor Respondent: Shri Ganesh R Ghale, Standing Counsel for Dept
Section 18Section 2Section 80PSection 80P(2)(a)

…rative banks, if payer bank fell under the definition of co-operative bank/ bank in light of judgment of Apex Court in case of Kerala State Co- Operative Agricultural & Rural Development Bank Ltd. v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC) then assessee would not be eligible to get deduction u/s. 80P(2)(d) on such interest income received from cooperative banks.” 14.1 Being aggrieved by the order of the learned CIT(A) the assessee is in appeal before us. . ITA No.1927 & 1943/Bang/2024 Page 8 of 16 15. The learned AR before us submitted that the deposits were made in the co…

The Belthangady Co-Operative Agricultural Sangha Limited, Belthangady vs. Income Tax Officer, Ward-1, Puttur

In the result appeal of the assessee is hereby partly allowed for

ITA 1927/BANG/2024[2018-19]Status: DisposedITAT Bangalore28 Jan 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Krishna Kantila, C.AFor Respondent: Shri Ganesh R Ghale, Standing Counsel for Dept
Section 18Section 2Section 80PSection 80P(2)(a)

…rative banks, if payer bank fell under the definition of co-operative bank/ bank in light of judgment of Apex Court in case of Kerala State Co- Operative Agricultural & Rural Development Bank Ltd. v. Assessing Officer [2023] 154 taxmann.com 305/295 Taxman 675/458 ITR 384 (SC) then assessee would not be eligible to get deduction u/s.80P(2)(d) on such interest income received from cooperative banks." 14.1 Being aggrieved by the order of the learned CIT(A) the assessee is in appeal before us. ITA No.1927 & 1943/Bang/2024 Page 8 of 16 15. The learned AR before us submitted that the deposits were made in the cooperati…

Muzaffarnagar District Cooperative Bank Ltd., Muzaffarnagar vs. DCIT, Circle- 1, Muzaffarnagar

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

ITA 1708/DEL/2018[2014-15]Status: HeardITAT Delhi05 Dec 2024AY 2014-15

Bench: Sh. Satbeer Singh Godara & Sh. M. Balaganeshita No. 1708/Del/2018 : Asstt. Year : 2015-16 Muzaffarnagar District Cooperative Vs Dcit, Bank Ltd., C/O Anil Deep & Company, Circle-1, 41/85, Sadar Bazar, Muzaffarnagar, Muzaffarnagar Uttar Pradesh-251001 (Appellant) (Respondent) Pan No. Aaaam4327P Assessee By : Sh. Sanjay Malik, Adv. Revenue By : Sh. Akhilesh Kumar Yadav, Sr. Dr Date Of Hearing: 02.12.2024 Date Of Pronouncement: 05.12.2024 Order Per Satbeer Singh Godara: This Assessee’S Appeal For Assessment Year 2015-16, Arises Against The Order Of Cit(A), Muzaffarnagar Dated 16.01.2018 In Case No. 9258-7434-250-717, In Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short “The Act”).

For Appellant: Sh. Sanjay Malik, AdvFor Respondent: Sh. Akhilesh Kumar Yadav, Sr. DR
Section 143(3)Section 5Section 56Section 80PSection 80P(2)Section 80P(4)

…the same thereby treating the assessee as a cooperative bank. It appears that case law Mavilayi Service Co- operative Bank Ltd. vs. CIT (2021) 123 taxmann.com 161; as followed in Kerala State Co-Operative Agricultural & Rural Development Bank decision (2023) 458 ITR 384, has already rejected the Revenue’s very arguments thereby holding that in absence of banking license being issued under the provisions of Banking Regulation law and dealing with general public at large; the departmental authorities could not proceed on the basis of “namesake” only to decline the impugned section 80P deduction as under: 15.1. Se…

Uzhuva Service Co-Operative Bank Ltd, Pattanakkad vs. ITO, Ward-4, Alappuzha

Appeal is allowed in above terms

ITA 97/COCH/2024[AY-2017-18]Status: DisposedITAT Cochin07 Nov 2024

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhuzhuva Service Co-Op. Bank The Income Tax Officer Ltd. Pattanakkad P.O. Vs. Ward - 4, Alappuzha 685531 Alappuzha Pan: Aaaau3986B (Respondent) (Appellant)

For Appellant: ------- None -------For Respondent: Smt. V. Swarnalatha, Sr
Section 2Section 22Section 250Section 5Section 56Section 80PSection 80P(2)

…tive bank than a cooperative society since it has also provided credit facilities to non-members. We find in this factual backdrop that hon'ble apex court’s recent decision in Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) has already rejected the Revenue’s very contentions as under : “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co-operative Bank of Urban Bank of Maharashtra and Goa Ltd., it was categorically held that under Section 56 of the BR Act, 1949 only three co-operative banks have been 3 Uzhuva Service Co-…

The Tirurangadi Service Co-Operative Bank Ltd, Tirurangadi vs. ITO, Ward-3, Tirur

Appeal is allowed in above terms

ITA 88/COCH/2024[2009-2010]Status: DisposedITAT Cochin07 Nov 2024AY 2009-2010

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Shri Ramkumar Menon, CA
Section 2Section 22Section 250Section 56Section 80P

…rd indicating assessee’s activity(ies) either in banking or with general public; than it’s member(s) only; as the case may be. Hon'ble apex court’s recent landmark decision in Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) has already rejected the Revenue’s very stand as under : 6 Tirurangadi Service Co-op. Bank Ltd. “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co-operative Bank of Urban Bank of Maharashtra and Goa Ltd., it was categorically held that under Section 56 of the BR Act, 1949 only three co-operative ban…

The Trivandrum Govt.Employees Co-Op. Society Ltd, Trivandrum vs. The Additional Joint Deputy Assistant, Commissioner of Income Tax, Trivandrum

Appeal is partly allowed in above terms

ITA 37/COCH/2024[2020-2021]Status: DisposedITAT Cochin07 Nov 2024AY 2020-2021

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.R.Krishnan, CAFor Respondent: Smt.V.Swarnalatha, Sr.DR
Section 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)Section 80P(2)(i)

…and therefore, the same deserves to be upheld. We find that the relevant issue has recently been decided in assessee’s favour and against the department in the in the case of Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) that whilst taking such a stand, the onus lies with the Revenue to prove that the taxpayer concerned carries a banking license under the Banking Regulation Act and it has been dealing with general public at the same time. 4 ITA No.37/Coch/2024 . The Trivandrum Govt. Employees Co-op Society Ltd 5. We further note that the impugned interest…

The Teekoy Service Co-Operative Bank Ltd., Kottayam vs. Income Tax Officer, Kottayam

Appeal is allowed in above terms

ITA 703/COCH/2023[2018-19]Status: DisposedITAT Cochin07 Nov 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Revenue by : Smt. V. Swarnalatha, Sr. DRFor Respondent: Smt. V. Swarnalatha, Sr. DR
Section 143(3)Section 250Section 80P(2)Section 80P(2)(a)

…The Revenue could hardly dispute the clinching fact that hon’ble apex court’s subsequent decision in Mavilayi Service Co-oprative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) and Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) have settled the very issue in assessee’s favour and against the department that the impugned deduction could not be disallowed once the taxpayer concerned neither carries any banking business with general public nor does it have any corresponding banking license issued by the Reserve Bank of India {“RBI”] under the 7 ITA.No.703/Coch./2023 B…

Ramapuram North Aiswarya Pradayini Scb Ltd, Alappuzha vs. The ITO Ward 3, Alappuzha

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

ITA 556/COCH/2023[2017-18]Status: DisposedITAT Cochin07 Nov 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year 2017-18 Ramapuram North Aiswarya Pradayini Scb Ltd. Ramapuram North, The Income Tax Officer Vs. Keerikadu P.O., Alappuzha Ward - 3, Pin - 690508 Alappuzha Pan Aacar2023D (Appellant) (Respondent)

For Appellant: ------- None -------For Respondent: Smt. V. Swarnalatha, Sr. D.R
Section 139(1)Section 250Section 80ASection 80A(5)Section 80PSection 80P(2)(d)

…to general public nor does it carry any banking business u/sec.56 of the Banking Regulation Act, 1949. Be that as it may, hon’ble apex court’s recent landmark mark decision in Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) has rejected the Revenue’s very stand that for disallowing the impugned claim, the assessee concerned must be proved to be in banking business with general public as per the corresponding provisions in the Banking Regulation Act, 1949 as under : “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co-oper…