Case Law Details
Case Name : Renuka Co-op Cedit Society Ltd. Vs ITO (ITAT Panji)
Related Assessment Year : 2009- 10
Courts :
All ITAT ITAT Panaji
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CA R.B. POPAT
Co-Operative Credit Society is a Bank if it Satisfies the conditions of A Primary Bank and Not Entitled to Sec. 80P(2)(a)(i) Benefit R.W. Sec. 80P(4)
From the reading of Sec. 80P(4) it is apparent that this section denies deduction to a co-operative bank other than a primary agricultural credit society or primary co- operative agricultural and rural development bank.
The provisions of Sec. 80P(4) was introduced in the statute by the Finance Act, 2006 w.e.f. 1.4.2007.
The explanation to the section defines the co-operative bank and primary agricultural credit society to have the s...
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There is a judgment of Karnataka High Court holding Co-Op societies are not Co-Op Banks