|Court:||Supreme Court of India|
*THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS. Versus COMMISSIONER OF INCOME TAX, CALICUT & ANR.*
The three judges bench of Apex Court in the above matter was dealing with the issue regarding eligibility of the assessee to get deduction u/s 80P of the Income-tax Act 1961 in view of restrictions placed in Section 80P(4) of the Income-tax Act,1961 which provided that the provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-cooperative agricultural and rural development bank. The Court noted its own decision in the case of *Citizen Co-operative Society [397 ITR 1] * by stating that It is settled law that it is only the ratio decidendi of a judgment that is binding as a precedent . Thereafter it observed that section 80P of the IT Act is a benevolent provision, which was enacted by Parliament in order to encourage and promote the growth of the co-operative sector generally in the economic
This judgement will be helpful from interpretation points of view as several interpretational aspects have been dealt with in addition to deciding the interpretation of Section 80P.
|Section(s):||Section 80P of Income-tax Act 1961|
|Dowload Pdf File||Click here to download the file in pdf format|
|Uploaded By||CA Ramesh Patodia|
|Date of upload:||January 13, 2021|