Taxpayer registered as a co-operative society under the Karnataka Souharda Sahakari Act is eligible for deduction under Section 80P of the Income Tax Act
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a taxpayer registered as a co-operative society under the Karnataka Souharda Sahakari Act is eligible for deduction under Section 80P of the Income Tax Act, 1961. The assessee, a Karavali Souharda Credit Cooperative Limited, derived income from banking activities, capital gains, and…
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