Full 80P Deduction Upheld as Nominal Members Counted as ‘Members’ Under State Law

ITO Vs Udayravi Credit Coop (ITAT Bangalore) Souharda Society Eligible for Full 80P Deduction – Nominal Members Not a Bar for 80P – ITAT Bangalore Rejects Revenue’s Appeal Revenue filed appeals against the Orders of CIT(A) allowing deduction u/s 80P(2)(a)(i) to the Assessee, a credit co-operative society registered under Karnataka Souharda Sahakari Act, 1997. The delay of 5 days in filing the appeals was condoned. AO had denied deduction u/s 80P(2)(a)(i) on the ground that the Assessee admitted nominal members, alleged violation of the 15% cap under the Souharda Act, & relied on ...