The assessee, a society registered under the\u00a0Karnataka Souharda Sahakari Act, 1997\u00a0was in banking business and provided credit facilities to its members. On a writ petition to declare that the assessee registered under the 1997 Act was on par with a co-operative society registered under the\u00a0Karnataka Co-operative Societies Act, 1959\u00a0and was entitled to claim the benefit under section\u00a080P\u00a0of the\u00a0Income-tax Act, 1961\u00a0and to defreeze the assessee\u2019s bank accounts . Allowing the petition the Court held that<\/p>\n
the assessee registered under the 1997 Act was a co-operative society within the definition of co-operative society under S.\u00a02(19)\u00a0of the Act and should be extended the benefit under S.\u00a080P\u00a0of the Act. Consequently, the order of assessment and order to freeze the assessee\u2019s bank account were to be quashed. Swabhimani Souharda Credit Co-Operative Ltd. v. government of India( 2020) 421 ITR 670 (Karn) (HC),\u00a0applied.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P : Co-operative societies – Society Registered Under Karnataka Act of 1997 falls within definition of Co-operative society- Entitled to [ S.2(19) Art. 14, 19(1) (c ), Karnataka Souharda Sahakari Act, 1997 , Karnataka Co-operative Societies Act, 1959 ) <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12647","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3hZ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12647"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12647\/revisions"}],"predecessor-version":[{"id":19241,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12647\/revisions\/19241"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}