Supreme Court of India
Kerala State Co-operative Agricultural and Rural Development Bank Ltd. Kscardb v. The Assessing Officer, Trivandrum and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the appellant is entitled to the benefi t of deduction under Section 80P of the Act.
Judgment, page 52
From the headnote
Issue for consideration: Whether the a ppellant-assessee, a co- operative society, is entitled to claim deduction of the whole of its profi ts and gains of business attributable to the business of banking or providing credit facilities to its members who are all co-operat ive societies u/s.80P, Income Tax Act, 1961. Income Tax Act, 1961 – s.80P – Appellant, if a co-operative bank within the scope and meaning of sub-section (4) of s.80P and thus, not eligible to the benefi t of deduction as provided therein: Held: No – Appellant is not a co-operative bank within the meaning of sub-section (4) of
Authorities it was built on
- 2013 Thalappalam Ser. Coop. Bank Ltd. and Ors. v. State of Kerala and Ors.
- 1998 Kerala State Cooperative Marketing Federation Ltd. and Another v. Commissioner of Income Tax
- 2017 The Citizen Co-operative Society Limited, through its Managing Director, Hyderabad v. Assistant Commissioner of Income Tax, Circle~9(1), Hyderabad
- 2021 The Mavilayi Service Cooperative Bank Ltd. & Ors. v. Commissioner of Income Tax, Calicut & Anr.
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