Shanti Prime Publication Pvt. Ltd.
Sec. 80P(2)(a)(i) of Income Tax Act, 1961— Deduction - Appellant is not a Co-operative Bank in as much as appellant is not a State Co-operative Bank or a Central Co-operative Bank or a Primary Co-operative Bank. On a claim for deduction under Section 80P of the IT Act, the AO has to conduct an enquiry into the factual situation as to the activities of the assessee society and arrive at a conclusion whether benefits can be extended or not in the light of the provisions under sub-section (4) of Section 80P of the Act. - POOMANGALAM SERVICE CO-OPERATIVE BANK LIMITED V/s ITO - [2020] 185 ITD 474 (ITAT-COCHIN)