Co-operative Societies Offering Credit to its Members Eligible for Deductions u/s 80P(2)(a)(i): ITAT [Read Order]

The decision was influenced by the Supreme Court’s ruling in Mavilayi Service Co-operative Bank Ltd. v. CIT, which clarified that deductions apply to income earned from providing credit facilities to members
By Sneha Sukumaran Mullakkal - On September 8, 2024 1:19 pm - 2 mins read
ITAT - ITAT Banglaore - Income Tax - Cooperative societies tax deductions - Cooperative societies - taxscan

The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that co-operative societies providing credit to their members are eligible for deductions under Section 80P(2)(a)(i) of the Income Tax Act,1961. Hunnur Souhard Credit, the appellant assessee, filed an appeal against the National Faceless Assessment Centre (NFAC) order dated 16.05.2024 for the 2017-18 assessment…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader