Rejection of deduction claimed u/s 80P(2)(a)(i) / 80P(2)(d) of the Income-tax Act,1961

Last updated: 18 June 2021
Quick Summary
This Income Tax Appellate Tribunal case involves The Puttur Primary Co-op Agriculture and Rural Development Bank Ltd. challenging the rejection of deductions claimed under sections 80P(2)(a)(i) and 80P(2)(d) of the Income-tax Act, 1961. The Assessing Officer (AO) disallowed the deductions, citing the bank's dealings with nominal members and its interest income from fixed deposits. The Tribunal referred to previous decisions by co-ordinate benches and higher courts to guide the resolution of these issues.

Court :
ITAT Bangalore

Brief :
The appeal filed by the assessee is directed against the order dated 27.03.2019 passed by Ld CIT(A), Mangaluru and it relates to the assessment year 2016-17. The grounds urged by the assessee give rise to the following two issues:-

Citation :
ITA No.1449/Bang/2019

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