Kerala State Co-Operative Agricultural and Rural Development Bank Ltd. (KSCARDB) Vs. The Assessing Officer (Supreme Court)

(CIVIL APPEAL NO(S).10069 OF 2016)
Whether a co-operative society, is entitled to claim deduction of the whole of its profits and gains of business attributable to the business of banking or providing credit facilities to its members who are all co-operative societies under Section 80P of the Income Tax Act, 1961. HELD: What is central to the controversy is whether the appellant bank is a co-operative bank. In the instant case, although the appellant society is an apex co-operative society within the meaning of the State Act, 1984, it is not a co-operative bank within the meaning of Section 5(b) read with Section 56 of the BR Act, 1949