Amounts invested by the Co-operative Societies as per Karnataka Co-operative Societies Act entitled to Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT Re-Adjudication [Read Order]

By Fathima Karama A.M - On October 11, 2023 9:00 am - 2 mins read

Amounts invested - Co-operative Societies - Karnataka Co-operative Societies Act - Income Tax Act - ITAT - Re-Adjudication - taxscan

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has directed re-adjudication holding that the amounts invested by the cooperative societies as per Karnataka Co-operative Societies Act are entitled to deduction under Section 80P(2)(a)(i) of the Income Tax Act The assessee, Canara Bank Staff Credit Co-operative Society Ltd was a co-operative society registered under the…

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