9911796707
TMI Blog2025 (1) TMI 166X X X X Extracts X X X X X X X X Extracts X X X X ..... Act is squarely covered in favour of the assessee by the judgment of Mavilayi Service Cooperative Bank Ltd. [ 2021 (1) TMI 488 - SUPREME COURT] Accordingly, we dismiss this ground of the Revenue in all these appeals. Disallowance u/s. 40(a)(ia) with respect to interest paid to the depositor - HELD THAT:- We completely agree with the view taken by the ld. CIT (A) that once it is held that the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various grounds of appeal. 2. The issues raised in these appeals are as follows: i. Whether ld. CIT (A) justified in deleting the disallowance of deduction claimed u/s. 80P(2)(a)(i) of the Income Tax Act, 1961 (in short the Act ) solely on the basis of decision of the Hon ble Kerala High Court in the case of M/s. Chirakkal Service Co-operative Bank others in ITA No. 212 of 2013. ii. Whether inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hon ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. v. Commissioner of Income Tax, Calicut reported in (2021) 431 ITR 1. 5. We have heard the rival submissions and perused the materials available on record. Admittedly, the assessee is registered as a primary agriculture credit societies and is engaged primary in the principal business of providing financial assistance to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udgment of the Hon ble Supreme Court in the case of Mavilayi Service Cooperative Bank Ltd. v. Commissioner of Income Tax, Calicut reported in (2021) 431 ITR 1. Accordingly, we dismiss this ground of the Revenue in all these appeals. 5.2 With regard to the grounds raised for disallowance u/s. 40(a)(ia) of the Act with respect to interest paid to the depositor, we completely agree with the view take ..... X X X X Extracts X X X X X X X X Extracts X X X X
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