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| The Tax Publishers2020 TaxPub(DT) 5131 (Bang-Trib) INCOME TAX ACT, 1961
Section 80P(2)(a)(i)
Assessee being registered under Karnataka Souharda Sahakari Act, 1997 fitted into the definition of 'Co-operatie Society' as enacted in section 2(19), and, therefore, issue regarding allowability of deduction under section 80P(2)(a)(i) was remanded to AO for verification afresh.
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Deduction under section 80P(2)(a)(i) - Co-operative society - Allowability as regads Souharda credit society -
Assessee claimed deduction under section 80P(2)(a)(i). AO disallowed deduction on the reason that assessee in the business of banking being Souharda Society could not be treated as Co-operative Society under the Act and was to be deemed as engaged in the business of banking. Held: Assessee being registered under Karnataka Souharda Sahakari Act, 1997 fitted into the definition of 'Co-operatie Society' as enacted in section 2(19) and therefore, matter was remanded to AO for verification afresh.
Followed:Writ Petition No.48414 of 2018 : 2020 TaxPub(DT) 0504 (Karn-HC) and Swabhimani Souharda Credit Co-operative Ltd. v. Govt. of India, Min. of Finance and Others Dt.16-1-2020.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2014-15 to 2016-17
IN THE ITAT, BANGALORE BENCH
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