Dismissing the appeal of the revenue the Court held that since assessee had been registered as co-operative credit society and banking had never been its core activity. The assessee is eligible for deduction under section 80P(2)(a)(i) of the Act . (AY . 2012-13)
PCIT v. Quepem Urban Co-Operative Credit Society Ltd. (2021) 438 ITR 631 /281 Taxman 245 / 203 DTR 141 (Goa) (Bom.) (HC)/VPK Urban Co-Operative Credit Society Ltd. (2021) 438 ITR 631 / 203 DTR 141 / 281 Taxman 245 (Goa ) (Bom) (HC)
S. 80P : Co-operative societies – Credit society – Credit facility to its members – Exemption allowable [ S.80P(2)(a)(i) ] S. 80P : Co-operative societies – Credit society – Credit facility to its members – Exemption allowable [ S.80P(2)(a)(i) ]