ELANTHOOR SERVICE CO OPER BANK LIMITED,ELANTHOOR vs. ITO, WARD 2, THIRUVALLA
In the result, the appeal filed by the assessee is allowed
ITA 468/COCH/2024[2020-21]Status: DisposedITAT Cochin19 Feb 2025AY 2020-21
Bench: Shri Inturi Rama Rao & Shri Soundararajan K.Assessment Year : 2020-21
For Appellant: Shri T.T. Biju, Advocate
Section 80Section 801Section 80PSection 80P(2)(a)
801) (2)(a)(i). Once it is found that the appellant is a PACS and doing banking activities, which is permissible under Section 80P(2)(a)(i), there is no justification to deny the deduction with respect to the income received during the carrying on of such banking activity.
4. The appellant is bound to maintain liquidity and the appellant
