80P Deduction on Nominal Members Reopened: Co-op Society Gets Fresh Chance

Jinnappanna Chougule Vs ITO (ITAT Panaji) 80P Deduction on Nominal Members Reopened: Cooperative Credit Society Gets Fresh Opportunity The Panaji Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeals of a cooperative credit society registered under the Karnataka Souharda Sahakari Act, 1997, and set aside the denial of deduction under section 80P(2)(a)(i) insofar as it related to transactions with associate/nominal members. The Tribunal noted that the Assessing Officer and the CIT(A) had denied the deduction on the premise that dealings with associate/nominal members amou...