Case Law Details
Statute makes the amended provision Section 80P(4) inserted by Finance Act, 2006 to be effective from 1.4.2007, which therefore clearly indicates that it is applicable from the Assessment Year 2007-08 onwards. The said provision clearly mandates that the provisions of Section 80P shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. As can be seen from the name of the assessee, it is clear that this is a District level Central Cooperative Bank Ltd. Hence, the provisions of Section 80P is not applicable to the assessee as not being a primary agricultural credit society or a primary co-operative agricultural and rural development bank.
INCOME TAX APPELLATE TRIBUNAL, CUTTACK
ITA No. 425/CTK/2010 – (Assessment Year 2007- 08)
The Sundergarh District Central Co-operative Bank Ltd.,
Versus
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