Co-operative credit society providing credit facilities only to its members not hit by section 80P(4): ITAT Mumbai

CIDCO Employees Co–op. Credit Society Vs ITO (ITAT Mumbai) ITAT Mumbai held that co–operative credit society, not undertaking any of banking business and merely providing credit facilities to its members only, would not hit by provisions of section 80P(4) of the Income Tax Act 1961 and thus, entitled for deduction u/s. 80P(2). Facts- The assessee is a co–operative credit society, registered under Maharashtra co–operative society Act, 1960 and is engaged in providing credit facilities to those CIDCO employees who are members of credit society. During the year, the assessee has shown inc...