Deduction u/s. 80P(2) admissible to Regional Rural Banks: ITAT Chennai

ACIT Vs Pandyan Grama Bank (ITAT Chennai) ITAT Chennai held that deduction under section 80P(2)(a)(i) of the Income Tax Act is admissible to Regional Rural Banks. Accordingly, appeal of revenue dismissed and order of CIT(A) upheld. Facts- The assessee Pandyan Grama Bank had filed its Return of Income for the assessment year 2016-17 on 30.09.2016 declaring “NIL” income after claiming deduction u/s.80P(2)(a)(i) of the Act. Subsequently, the case of the assessee was re-opened by issuing notice u/s.148 of the Act dated 24.01.2018 and the re-assessment proceedings was completed by denyi...