Reassessment Quashed as Deduction Under Section 80P(2)(d) Was Legally Allowable

Diamond Jubilee Co Operative Bank Limited Vs Union of India & Ors (Gujarat High Court) The Gujarat High Court allowed the writ petition and quashed reassessment proceedings initiated against a co-operative society in respect of deduction claimed under Section 80P(2)(d) of the Income-tax Act, 1961. The petitioner is a co-operative society registered under the laws of the State of Gujarat. It was earlier engaged in banking, but its banking licence was cancelled by the Reserve Bank of India on 19.06.2004. Thereafter, it functioned only as a co-operative society through its Official Liquidator...