Income from providing Credit Facilities to nominal members of Co-Operative Society are eligible for exemption u/s 80P(2)(a)(i) Income Tax Act: ITAT [Read Order]

The Bangalore bench of Income Tax Appellate Tribunal ( ITAT ) ruled that income from providing credit facilities to nominal members of cooperative society are eligible for exemption under Section 80P(2)(a)(i) Income Tax Act,1961. The assessee Charvaka Seva Sahakari Bank Ltd. is a Primary Agriculture Co-operative society, engaged in the business of accepting deposits from members, lending…