High Court dismissed the Department’s appeal on the question whether the Tribunal was justified in holding that the assessee, a co-operative credit society, was not a bank for the purpose of section 80P(4) of the Income-tax Act, 1961. On appeal by the Revenue, SLP of Revenue is dismissed. Followed, Mavilayi Service Co-Operative Bank Ltd v. CIT (2021) 431 ITR 1 (SC). (AY. 2010-11)
PCIT v. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Ltd. (2023)454 ITR 117 / 293 Taxman 547 /332 CTR 486/ 225 DTR 209 (SC) Editorial : CIT v. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Ltd (Bom)(HC) (ITA No. 933 of 2017 dt. 14-10-2019 ), affirmed.
S. 80P : Co-operative societies-Credit societies giving credit to own members-Eligible deduction. [S.80P(4), Banking Regulation Act, 1949, Art. 136]