High Court of Bombay at Goa Dismisses Revenue's Appeal in Cooperative Credit Society Tax Deduction Case — Society Not a Cooperative Bank Despite Non-Member Transactions. Primary Cooperative Credit Society remains eligible for deduction under Section 80P(2)(a)(i) of Income Tax Act, 1961 even if it accepts deposits from and lends to non-members, as it is not a cooperative bank under Section 5(ccv) of Banking Regulation Act, 1949....
The case involves four tax appeals filed by the Revenue (Pr. Commissioner of Income Tax, Goa) against the common order of the Income Tax Appellate Tribunal (ITAT) which dismissed the Revenue's appeals...
