Section 80P Deduction Denied Without Merits: ITAT Cochin Remands Case to CIT(A)

Kangazha Service Co-op. Bank Ltd. Vs ITO (ITAT Cochin) The Income Tax Appellate Tribunal (ITAT) in Cochin has remanded the tax appeal of Kangazha Service Co-operative Bank Ltd. back to the Commissioner of Income Tax (Appeals), or CIT(A), for a fresh hearing on its merits. The decision was made in response to an appeal by the bank, which had contested the CIT(A)’s earlier dismissal of its case without a full review. The case pertains to the Assessment Year 2018-19, where the bank, a primary agricultural credit society, had filed a tax return declaring nil income. It claimed a deduction of...