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80P Deduction on Nominal Members Reopened: Co-op Society Gets Fresh Chance
Case Law Details
- Case Name
- Jinnappanna Chougule Vs ITO (ITAT Panaji)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Panaji
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Jinnappanna Chougule Vs ITO (ITAT Panaji)
80P Deduction on Nominal Members Reopened: Cooperative Credit Society Gets Fresh Opportunity
The Panaji Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the appeals of a cooperative credit society registered under the Karnataka Souharda Sahakari Act, 1997, and set aside the denial of deduction under section 80P(2)(a)(i) insofar as it related to transactions with associate/nominal members.
The Tribunal noted that the Assessing Officer and the CIT(A) had denied the deduction on the premise that dealings with associate/nominal members amou...
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