| The Tax Publishers2020 TaxPub(DT) 5247 (Bang-Trib) INCOME TAX ACT, 1961
Section 80P
An entity registered under Karnataka Souhardha Co-operative Act, 1997, fits into the definition of 'co-operative society' as defined under section 2(19). It is not a necessary requirement for assessee to be registered under Co-operative Societies Act, 1959 in order to be eligible to claim deduction under section 80P. However, assessee was registered under Karnataka Co-operative Societies Act, 1959, therefore, no deduction could be disallowed.
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Deduction under section 80P - Co-operative society - Allowability - Society not registered under Co-operative Societies Act, 1959 but registered under Karnataka Co-operative Societies Act, 1959
Assessee, a co-operative society, registered under section 6(1) of Karnataka Souhardha Co-operative Act, 1997. Assessee claimed deduction under section 80P. AO disallowed deduction on the ground that assessee was not a society registered under Co-operative Societies Act, 1959. Held: An entity registered under Karnataka Souhardha Co-operative Act, 1997, fits into the definition of co-operative society as defined under section 2(19). It is not a necessary requirement for assessee to be registered under Co-operative Societies Act, 1959 in order to be eligible to claim deduction under section 80P. However, assessee was registered under Karnataka Co-operative Societies Act, 1959, therefore, no deduction could be disallowed.
Followed:Swabhimana Souhardha Credit Co-operative Ltd. v. Dy. CIT WP No. 48414 of 2018 by Order, dated 16-1-2020.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2016-17
IN THE ITAT, BANGALORE BENCH
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