Kerala High Court’s Ruling on Section 80P: Bank’s Interest & Treasury Income

PCIT Vs Peroorkada Service Co-operative Bank Ltd (Kerala High Court) The Peroorkada Service Co-Operative Bank Ltd found itself in a legal battle that revolved around Section 80P of the Income Tax Act. Specifically, the issue at hand was the interest income earned by the bank from investments of surplus funds in cooperative banks and treasuries. This article delves into the case of ITA NO. 323 OF 2019, discussing the crucial aspects and outcomes. Section 80P and Interest Income: The primary contention in this case was whether the interest income earned by the assessee, which resulted from inve...