Sec 80P Deduction available to Co-Bank for Interest on Investments with Sub-Treasuries during its Business

ITO Vs M/s. Perinthalmanna Service Co-operative Bank Limited (ITAT Cochin) The Assessing Officer in the impugned orders had disallowed the claim stating that the assessee could not be treated as a primary agricultural credit society as it is engaged in the business of banking and in view of insertion of section 80P(4) with effect from 01.04.2007, the assessee was not entitled to deduction u/s 80P(2) of the I.T.Act. Held by ITAT The latest judgment of the Hon’ble Telangana & Andhra Pradesh High Court in the case of  Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 had also ...