Case Law Details
Case Name : The Maharashtra State Co-operative Bank Limited Vs ACIT (ITAT Mumbai)
Related Assessment Year :
Courts :
All ITAT ITAT Mumbai
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RELEVANT PARAGRAPH
8.4. We have heard the arguments put forth by both the sides along with the case law relied upon. Having held above that the interest on income-tax refund does not fall under the head `Profits and gains of business or profession’, it remains to be examined as to whether deduction u/s. 80P is restricted only to the income falling under this head.
The relevant part of section 80P(2)(a)(i) has been set ou
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Whether, the exemption U/sec 80P (2) (a)(i) of the Income Tax Act, 1961, is available to a credit co-operative Society register under the Karnataka Societies Registration Act, in respect of income earned by way of extending credit facilities to only its members; please clarify
ya it will will allowed
Can a pathpedi/credit society enjoys benefit of deduction in respect of income earned by way of extending credit facilities to its member, under section 80 P (2) (a) (i) of income tax act 1961?