Co-op society providing credit facilities to members is entitled to Section 80P(2)(a)(i) deduction

Kotekar Vyavasaya Seva Sahakara Vs ACIT (ITAT Bangalore) In the case of Kotekar Vyavasaya Seva Sahakara vs. ACIT (ITAT Bangalore), the issue revolved around the applicability of Section 80P(2)(a)(i) of the Income Tax Act, which provides deductions for income earned by cooperative societies providing credit facilities to their members. The dispute arose from the denial of this deduction by the Assessing Officer (AO), which was subsequently upheld by the Commissioner of Income Tax (Appeals) [CIT(A)]. Background and Facts Kotekar Vyavasaya Seva Sahakara (the assessee) is an agricultural credit co...