INCOME TAX ACT, 1961

Section 80P

Deduction under section 80P - Allowability - Whether an entity registered under the Karnataka Souharda Sahakari Act, 1997 fits into the definition of 'co-operative society' -

Issue arose as to whether an entity registered under the Karnataka Souharda Sahakari Act, 1997 fits into the definition of “co-operative society” as enacted by Section 2(19) of the Income Tax Act, 1961 for the purpose of section 80P thereof. Held: In terms of As in terms of the order in Swabhimani souharda credit co operative ltd [2020 (1) TMI 831 - Karnataka High Court] and connected writ petition, instant was disposed of. Assessment order was quashed. Revenue was to pass fresh assessment order treating assessee as Co-operative Society, extending the benefit under section 80P of the 1961 Act with all other exceptions.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

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