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ITAT allows Section 80P Deduction on Addition to Business Income
Case Law Details
- Case Name
- Vazhayoor Service Co-op. Bank Ltd. Vs ITO (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Cochin
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Vazhayoor Service Co-op. Bank Ltd. Vs ITO (ITAT Cochin)
Additions Enhance Business Income & Qualify for Deduction u/s 80P – Relief to Service Co-op. Bank: ITAT Cochin
Cochin Tribunal in allowed the appeal of a cooperative society by holding that disallowance of provisions for bonus, leave salary & similar items would only enhance business income & such enhanced income also qualifies for deduction u/s 80P.
Assessee, a cooperative society registered under the Kerala Cooperative Societies Act, 1969 & classified as a Primary Agricultural Credit Cooperat...
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