Section 80P Deduction eligible to Co-Op Bank Primarily engaged in Banking Business

The Chombal Service Co-operative Bank Limited Vs ITO (ITAT Cochin) The issue under consideration is whether co-operative bank is eligible for deduction under section 80P of income tax Act, 1961 ? ITAT states that, the claim of deduction u/s 80P of the I.T.Act was denied, by relying on the judgment of the Larger Bench of the Hon’ble jurisdictional High Court in the case of The Mavilayi Service Co-operative Bank Ltd. v. CIT (supra). The CIT(A) ought not to have rejected the claim of deduction u/s 80P(2) of the I.T.Act without examining the activities of the assessee-society. The Full Bench of...