Section 80P(2)(a)(i) deduction eligible on Income from Loans to Nominal Members

Charvaka Seva Sahakari Bank Ltd. Vs ITO (ITAT Bangalore) Introduction: In a landmark ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore has provided significant relief to Charvaka Seva Sahakari Bank Ltd., a co-operative society engaged in providing credit facilities to its members. The tribunal’s decision, dated January 2, 2024, revolves around the eligibility for exemption under Section 80P(2)(a)(i) of the Income Tax Act for income earned through providing credit facilities to nominal members. Detailed Analysis: Charvaka Seva Sahakari Bank Ltd., a primary agriculture co-operativ...