ITAT found that the society, formed under the Karnataka Co-operative Society Act, solely for the benefit of BSNL employees, did not operate as a bank and was therefore eligible for the Section 80P(2) deduction
By Navasree A.M - On August 29, 2024 12:57 pm - 2 mins read
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled in favour of BSNL Employees’ Co-operative Society, granting it the benefit of deduction under Section 80P(2) of the Income Tax Act, 1961.The tribunal concluded that the society is not engaged in banking activities, does not fall under the definition of a…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
