2025 (2) TMI 445 - AT - Income Tax

Denying the claim of deduction u/s. 80P - assessee is a co-operative society registered under the Kerala Co-operative Societies Act formed with the object of providing financial accommodation to its members for agricultural purposes - HELD THAT - The issue is now settled by the judgment of Mavilayi Service Cooperative Bank Ltd. 2021 (1) TMI 488 - SUPREME COURT Respectfully following the judgment of the Hon ble Supreme Court we direct the AO to allow the claim of the assessee. Appeal filed by the assessee is allowed.

Summary

The appeal was filed by the assessee, a cooperative society, against the order of the Commissioner of Income-tax denying a deduction under section 80P of the Income-tax Act. Despite the absence of the appellant during the hearing, the Appellate Tribunal allowed the appeal based on the precedent set by the Supreme Court in the case of Mavilayi Service Cooperative Bank Ltd. v. CIT, directing the Assessing Officer to grant the deduction to the assessee.