{"id":28158,"date":"2022-07-07T16:30:17","date_gmt":"2022-07-07T11:00:17","guid":{"rendered":"https:\/\/itatonline.org\/digest\/sri-laxmi-venkatesh-credit-co-op-society-ltd-v-pcit-2022-441-itr-598-karn-hc\/"},"modified":"2022-07-07T16:30:17","modified_gmt":"2022-07-07T11:00:17","slug":"sri-laxmi-venkatesh-credit-co-op-society-ltd-v-pcit-2022-441-itr-598-karn-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/sri-laxmi-venkatesh-credit-co-op-society-ltd-v-pcit-2022-441-itr-598-karn-hc\/","title":{"rendered":"Sri Laxmi Venkatesh Credit Co-Op. Society Ltd. v. PCIT (2022) 441 ITR 598 (Karn.)(HC)"},"content":{"rendered":"<p>The court set aside the assessment order and remanded the matter to the Assessing Officer to reconsider the matter in the light of the judgment of the Supreme Court in Mavilayi\u00a0 Service Co-Operative Bank Ltd. v. CIT\u00a0 (2021) 431 ITR 1 (SC) wherein the Supreme Court considering the definition of \u201cmember\u201d in the State Act and expressly permitting loans to non-members held that loans given to nominal members qualified for the purpose of deduction under section\u00a080P(2)(a)(i)\u00a0of the 1961 Act) with reference to sections\u00a02(f)\u00a0and\u00a060\u00a0of the\u00a0Karnataka Co-operative Societies Act, 1959, read with section\u00a080P(2)(a)(i)\u00a0of the 1961 Act. (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 80P : Co-operative societies-Providing Loans to associate or  nominal members-Interest earned-Matter remanded. [S. 80P(2)(a)(i)] <\/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-28158","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7ka","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28158","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=28158"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28158\/revisions"}],"predecessor-version":[{"id":28159,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/28158\/revisions\/28159"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=28158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=28158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=28158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}