ITAT Cochin Allows Co-op Bank’s 80P Deduction despite lending to non-members

Chittur Service Co-op. Bank Ltd Vs ITO (ITAT Cochin) The Income Tax Appellate Tribunal (ITAT) Cochin has allowed the appeals of Chittur Service Co-op. Bank Ltd. for Assessment Years 2016-17 and 2017-18, ruling that its claim for deduction under Section 80P(2)(a)(i) of the Income Tax Act cannot be disallowed solely because it lends money to non-members. This decision overturns orders by the National Faceless Appeal Centre (CIT(A)) that had upheld the disallowance. Chittur Service Co-op. Bank Ltd., a cooperative society registered under the Kerala State Co-operative Societies Act, 1969, had decl...