AO directed to verify members list for violation of sec. 18(1) of Karnataka Cooperative Societies (Amendment)Act 2014

Jamboti Multipurpose Co-operative Society Ltd Vs PCIT (ITAT Panaji) ITAT Panaji held that, in order to verify violation provisions of section 18(1) of the Karnataka Cooperative Societies (Amendment)Act 2014, AO is directed to verify list of all members of society and examine whether associate members exceeds 15% of total membership or not. Facts- The assessee is a cooperative society registered under the Karnataka Co-Operative Societies Act 1959. Post completion of limited scrutiny assessment, Pr. CIT on perusal of the records and information found that the order passed by the AO is erroneous...