Co-op Credit Society Without Banking License Eligible for 80P(2) Deduction: ITAT Mumbai

Samarth Raghuveer SahakariPatsanstha Ltd. Vs ITO (ITAT Mumbai)

In the matter abovementioned ITAT allowed appeal of the assessee by holding that assessee is eligible for claim of deduction u/s.80P(2)(a)(i) that all its income is from members.

Assessee is a co-operative credit society which does not hold any license from Reserve Bank of India and therefore, cannot be classified as ‘co-operative bank’. During the year under consideration assessee carrying on business of accepting deposits and lending money to the members of the society. Assessee has filed its return at Rs.1

Please become a Premium member. If you are already a Premium member, login here to access the full content.