Demand due to denial of Section 80P deduction- Stayed by HC till disposal of Appeal by CIT(A)

Poothrikka Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) The question which is pending for adjudication before the appellate authority is whether the petitioners who are co-operative Societies are entitled for deduction under Section 80 (P) of the Income Tax Act. The Assessing Officer has denied the benefit of Section 80 (P) of the Income Tax Act to the petitioner societies. In the matter of Mavilayi Service Co-operative Bank Ltd. the question regarding liability of the co-operative societies to pay the income tax assess was decided. The Division Bench of this Court relying on the ...