https://www.taxtmi.com/caselaws?id=404147 Section 80P remains a beneficial deduction provision and must be construed liberally; the Supreme Court in Mavilayi Service Co-operative Bank Ltd. rejected the importation of an agricultural-purpose limitation into section 80P(2)(a)(i). It further clarified that section 80P(4) is a specific exclusion applying only to co-operative banks carrying on banking business with an RBI licence. Applying that binding clarification, the ITAT Cochin held that a primary agricultural credit co-operative society was entitled to the deduction claimed under section 80P, and the denial by the lower authorities could not be sustained. en-us Thu, 11 Feb 2021 00:00:00 +0530 Wed, 17 Feb 2021 09:29:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404147 Section 80P remains a beneficial deduction provision and must be construed liberally; the Supreme Court in Mavilayi Service Co-operative Bank Ltd. rejected the importation of an agricultural-purpose limitation into section 80P(2)(a)(i). It further clarified that section 80P(4) is a specific exclusion applying only to co-operative banks carrying on banking business with an RBI licence. Applying that binding clarification, the ITAT Cochin held that a primary agricultural credit co-operative society was entitled to the deduction claimed under section 80P, and the denial by the lower authorities could not be sustained. Case-Laws Income Tax Thu, 11 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404147