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Case Law Details

Case Name : Sullia Taluk Women’s Multipurpose Cooperative Society Ltd Vs ITO (ITAT Bangalore)
Related Assessment Year : 2017-18
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Sullia Taluk Women’s Multipurpose Cooperative Society Ltd Vs ITO (ITAT Bangalore)

The Income Tax Appellate Tribunal (ITAT) Bangalore recently issued a significant ruling in the case of Sullia Taluk Women’s Multipurpose Cooperative Society Ltd vs. Income Tax Officer (ITO). This ruling pertains to the applicability of Section 80P(2)(a)(i) of the Income Tax Act, which grants deductions to cooperative societies. The primary issue at hand was whether the interest income earned from credit facilities extended to both regular and nominal/associate members qualifies for this deduction.

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