Case Law Details
Case Name : Bharat Co-operative Credit Society Limited Vs ITO (ITAT Panaji)
Appeal Number : ITA. No. 14/PAN/2019
Date of Judgement/Order : 24/01/2023
Related Assessment Year : 2012-2013
Courts :
All ITAT ITAT Panaji
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Bharat Co-operative Credit Society Limited Vs ITO (ITAT Panaji)
ITAT Panaji held that the only requirement under the provisions of section 80P(2)(d) is that an interest income or dividend income should be earned by a co-operative society from another co- operative society. Section 80P does not make a distinction between income earned on long term investments and short term investments
Facts-
The appellant mainly alleges that the learned lower authorities have erred in denying the deduction claimed under section 80P(2)(a)(i) of Income Tax Act, 1961 by adjudicating the Assessee as cooperative bank by applying section 80P(4) instead of treating it as cooperative credit society.
Conclusion-
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