80P Deduction eligible to Co-op Societies providing Credit facilities only to its Members

ITO Vs. Shri Shri Revanasiddeshwar Co-op. Credit Society Limited (ITAT Bangalore) Undisputedly, the assessee in the instant case, is a co-operative society, registered under the Karnataka Co-operative Societies Act, 1959. It is providing credit facilities only to its members. The assessee does not have any banking license from the RBI to do any banking business. The Hon’ble Karnataka High Court in the case of Shri Bilur Gurubasava Pattin Sahakari Sangh Niyamit (supra) had categorically held that a co-operative society registered under the Karnataka Co-operative Societies Act, which is no...