https://www.taxtmi.com/caselaws?id=456858 ITAT Cochin remanded the matter to AO for fresh consideration of section 80P(2)(a)(i) deduction claim by a co-operative society registered under Kerala Co-operative Societies Act, 1969. The society, claiming to be a Primary Agricultural Credit Co-operative Society providing credit facilities to members, was denied deduction as AO treated it as a co-operative bank engaged in banking business. ITAT noted AO lacked benefit of SC decision in Malvilayi Service Co-operative Bank Ltd case, directing fresh examination of deduction claim in light of this precedent. CIT(A) order was set aside. en-us Tue, 06 Jun 2023 00:00:00 +0530 Wed, 21 Aug 2024 19:54:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456858 ITAT Cochin remanded the matter to AO for fresh consideration of section 80P(2)(a)(i) deduction claim by a co-operative society registered under Kerala Co-operative Societies Act, 1969. The society, claiming to be a Primary Agricultural Credit Co-operative Society providing credit facilities to members, was denied deduction as AO treated it as a co-operative bank engaged in banking business. ITAT noted AO lacked benefit of SC decision in Malvilayi Service Co-operative Bank Ltd case, directing fresh examination of deduction claim in light of this precedent. CIT(A) order was set aside. Case-Laws Income Tax Tue, 06 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456858