Deduction u/s 80P(2)(a)(i) available to Souharda Co-operative Society if requirement of mandatory fund is satisfied

West Coast Paper Mill Employees Souhardha Credit Co-op. Ltd Vs National e-Assessment Centre (ITAT Bangalore) ITAT Bangalore held that deduction u/s. 80P(2)(a)(i) of the Income Tax Act in respect of credit facilities provided by Souharda Co-operative Society to its members if requirement of mandatory maintaining of funds as per Karnataka Souharda Sahakari Act, 1997 is satisfied. Facts- The assessee filed its return of income declaring gross total income of Rs.68,98,443 and after claiming deduction u/s. 80P(2)(a)(i) of the same amount, NIL income was declared. The case was selected for scrutiny ...