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80P Deduction allowed on NPA Disallowance & Farmers’ Reserve Provisions
Case Law Details
- Case Name
- Koteshwara V.S.S. Bank Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Koteshwara V.S.S. Bank Vs ITO (ITAT Bangalore)
Deduction u/s 80P Allowed on Assessed Income Including Disallowance of NPA & Farmers’ Reserve Provisions -ITAT Bangalore
The appeal was filed by Koteshwara VSS Bank, Udupi, a primary agricultural credit cooperative society, against NFAC’s order for AY 2017-18. The dispute concerned disallowance of ₹42.80 lakh being provisions for NPA (₹12.80 lakh) & Farmers’ Reserve (₹30 lakh).
AO disallowed the provisions on the ground that they were unascertained liabilities, thereby increasing taxable income. NFAC confirmed the disallowance,...
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