Section 80P Deduction Not Denied Solely for Having Associate Members: ITAT Bangalore

Anathapadmanabha Credit Cooperative Society Ltd. Vs ITO (ITAT Bangalore) Nominal & Associate Members Don’t Bar Section 80P Deduction – ITAT Sends Back for Verification Under KCS Act Limits Interest on Statutory FDs with Co-op Bank Eligible for 80P Relief – Subject to Verification of Mandatory Deposit Rule AO Can Verify Membership Composition for 80P, But Cannot Question Validity of Co-op Registration Assessee, a co-operative society registered under the Karnataka Co-operative Societies Act, 1959 (KCS Act), provided credit facilities to members &  claimed deduction of its entire ...