High Court of Karnataka Allows Appeal of Co-operative Credit Society in Income Tax Deduction Case Under Section 80P — Society Not a Primary Co-operative Bank Under Banking Regulation Act. The court held that a co-operative credit society not licensed by RBI and not meeting all conditions of Section 56(ccv) of the Banking Regulation Act, 1949, is entitled to deduction under Section 80P of the Income Tax Act, 1961.
21 Sep 2015The appellant, Shri Chandra Prabhu Urban Co-operative Credit Society Ltd., is a co-operative society registered under the Karnataka Co-operative Socie...
