Tribunal held that since the authorities had not seen the memorandum of association or any other evidence in respect of the institutions in which the investments were made, it would be appropriate to set aside the issue to the AO to decide the status of the institutions in which the investments were made by the assessee. If found that the to be co-operative societies, the deduction in terms of S.80P(2)(d) would be granted. (AY.2008-09, 2011-12)
Banas Bank Staff Credit Co-Op. Society Ltd. v. ACIT (2018) 64 ITR 68 (Ahd.)(Trib.)
S. 80P : Co-Operative society—Investments in other co-operative societies – AO is directed to grant exemption if institutions where the assessee has made investments is found to be co-operative society. [S. 80P(2)(d)]