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Co-operative society eligible for section 80P(2)(a)(i) deduction
Case Law Details
- Case Name
- Varathappam Palayam Primary Agricultural Co-op. Credit Society Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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Varathappam Palayam Primary Agricultural Co-op. Credit Society Vs ITO (ITAT Chennai)
Assessee, being co-operative society, is out of the provisions of section 80P(4) and eligible for deduction under section 80P(2)(a)(i)
Facts-
The assessee is a co-operative credit society having “A” class Members as well as “B” class Members as its society’s Members. The case of AO is that in so far as deposits received from “B” class Members, there is no mutuality and they are only “nominal members”. By following judgement in the case of Citizen Co-operative Society Limited v. ACIT , the AO ...
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