Section 80P(4): To allow deduction AO can enquire into activities of assessee

The Mavilayi Service Co-operative Bank Ltd Vs CIT (Kerala High Court) In view of the law laid down by the Apex Court in Citizen Co-operative Society v. Assistant Commissioner of Income Tax: AIR 2017 SC 5147, it cannot be contended that, while considering the claim made by an assessee society for deduction under Section 80P of the IT Act, after the introduction of sub-section (4) thereof, the Assessing Officer has to extend the benefits available, merely looking at the class of the society as per the certificate of registration issued under the Central or State Co -operative Societies Act and t...