Karnataka Souharda Society Eligible for Section 80P Deduction: ITAT Bangalore

Karavali Souharda Credit Cooperative Limited Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) in Bangalore has ruled that co-operative societies registered under the Karnataka Souharda Sahakari Act are eligible for deductions under Section 80P of the Income Tax Act. This ruling came during the appeal of Karavali Souharda Credit Cooperative Limited against an order from the Commissioner of Income Tax (Appeals) dated September 25, 2023. Background of the Case The appeal was filed for the assessment year 2016-17, with a significant delay of 209 days in submission. The appellant, K...