Section 80P deduction allowable to co-op credit societies despite loans to nominal members

Sarroday Gramin Bigarsheti Sahakari Path Sanstha Maryadit Vs ITO (ITAT Pune) Conclusion: Assesse-cooperative society registered under the Maharashtra Co-op. Society Act, 1960 was entitled for exemption under section 80P on giving of loans to members/nominal members as the definition of  ‘member’ given in section 2(19) of the Maharashtra Co­operative Societies Act took within its sweep even a nominal member, associate member and sympathizer member and there was no distinction made between duly registered member and nominal, associate and sympathizer member. Held: Assesse-cooperative socie...