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.1,43,97,970/- and th...