₹1.63 Crore Addition Deleted Due to Eligibility of Credit Societies Under Section 80P

Avinissery Service Co-operative Bank Ltd Vs Income Tax Department (ITAT Cochin) In Avinissery Service Co-operative Bank Ltd vs Income Tax Department ITAT Cochin, the assessee, a primary agricultural credit society registered under the Kerala Co-operative Societies Act, 1969, challenged the denial of deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961 for Assessment Year 2016–17. The Assessing Officer had restricted the claimed deduction and made an addition of ₹1.63 crore, primarily on the ground that the assessee had granted loans for non-agricultural purposes and therefore w...