The Income Tax Appellate Tribunal (ITAT), Bangalore Bench has held that the Cooperative society involved in Banking Business is not eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The assesse, M/s. Shri Basaveswar Credit Co-op Society Ltd.registered under Karnataka State Co-operative Societies Act, 1959 hadfiled Nil return after claiming a deduction…
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