ITAT Orders Re-adjudication on Section 80P(2)(e) Deduction for Agricultural Loans Provided to Members under Income Tax Act [Read Order]

Giving loans on agricultural produce to its members which is incidental to its business; hence, eligible for deduction under Section 80P (2) (a) (i) of the Income Tax Act.
ITAT Orders Re-adjudication Section 80P(2)(e) Deduction for Agricultural Loans Income Tax Act - TAXSCAN

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has issued an order for re-adjudication regarding the deduction for agricultural loans provided to members under Section 80P(2)(e) of the Income Tax Act, 1961. The Assessee, M/s. Savanoor Primary Agricultural Co-operative Society Ltd, is a cooperative society registered under the Karnataka State Cooperative Societies Act,…

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