Co-op Society Providing Credit Facilities To Members Eligible For Section 80P Deduction: SC

Kerala State Co-Operative Agricultural And Rural Development Bank Ltd. Vs Assessing Officer (Supreme Court of India) In a significant legal ruling, the Supreme Court of India has addressed the eligibility of cooperative societies for deductions under Section 80P of the Income Tax Act based on their banking activities. The case in question involved the Kerala State Co-Operative Agricultural and Rural Development Bank Ltd. and the Assessing Officer. The court’s judgment sheds light on the distinction between cooperative banks and cooperative credit societies and their entitlement to tax de...