The Assessing Officer denied the deduction under section 80P(ii)(d) of the Act, ignoring the decision. Of Supreme court in Mavilayi Service Co-Operative Bank Ltd. v. CIT(2021) 431 ITR 1 (SC). On writ the Court held that an erroneous assessment occasioned by ignoring a binding judgment of the Supreme Court cannot be trivialised as an order against which an appellate remedy lies that would provide justice to an assessee. Assessment order is quashed and set aside.(AY.2020-21)
Cherthala Taluk Agricultural Credit Co-Operative Society v. ITO (2023)457 ITR 727 (Ker)(HC) Uzhuva Service Co-Operative Bank Ltd v. ITO (2023)457 ITR 727 (Ker)(HC) Muttom Service Co-operative Bank Ltd v. ITO (2023)457 ITR 727 (Ker)(HC)
S. 80P : Co-operative societies-Binding precedent-Not following the decision of Supreme Court-Assessment order is not valid-Alternative remedy-Not absolute bar.[S.80P(ii)(d), Art.226]