Co-Op Society Without RBI Banking License cannot be termed as Co-op Bank

Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikashanik Trust Nokar Co-op Credit Society Vs ITO (ITAT Panaji) The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikashanik Trust Nokar Co-op Credit Society appealed against the Commissioner of Income Tax (Appeals)’s order, which upheld the Assessing Officer’s denial of their claim for exemption under Section 80P(2)(a)(i) of the Income Tax Act for the assessment year 2012-13. The AO had classified the appellant as a cooperative bank, not a cooperative society. The Income Tax Appellate Tribunal (ITAT), Panaji, heard the arguments, no...