The Tribunal did not find any infirmity in the computation of income as computed by the assessee under the head “business income”. Since the assessee is eligible for deduction under section 80P following the judgment of High Court of Kerala in the case of Chirackkal Service Cooperative Bank Ltd. v. CIT, the Tribunal allowed the deduction claimed under section 80P. (AY. 2016-17)
Aroor Co-operative Urban Society v. DCIT (2023) 221 TTJ 799/223 DTR 63 (Cochin) (Trib)
S.80P: Co-operative Societies-Since there was no infirmity in the computation of income as computed by the assessee under the head “business income”, the assessee is eligible for deduction under section 80P following the judgment of High Court of Kerala in the case of Chirackkal Service Cooperative Bank Ltd. v. CIT [S.143(1)(a))]