ITAT Cochin Allows 80P Deduction to Co-op Society based on SC Judgment

Kalliad Service Co-operative Bank Limited Vs ITO (ITAT Cochin) Income Tax Appellate Tribunal (ITAT), Cochin Bench, has allowed the appeal filed by Kalliad Service Co-operative Bank Limited against the order of the National Faceless Assessment Centre, pertaining to the assessment year 2017-2018. The case primarily concerned the denial of deduction claimed under Section 80P of the Income-tax Act, 1961. Kalliad Service Co-operative Bank, a co-operative society registered under the Kerala Co-operative Societies Act, functions with the objective of providing financial accommodation to its members f...