High Court of Karnataka Quashes Reassessment Notice Against Souharda Cooperative Societies — Cooperative Societies Registered Under State Act Are Not 'Co-operative Banks' Under Income Tax Act. The court held that Souharda Cooperative Societies, not having an RBI license, are not co-operative banks under Section 2(19) of the Income Tax Act, 1961, and are entitled to deduction under Section 80P.
16 Jan 2020The judgment involves two writ petitions filed by Souharda Cooperative Societies registered under the Karnataka Souharda Sahakari Act, 1997. The first...
