Latest Income-Tax Details

For Full Access To All Latest Judgments on Income Tax
Click Here To Subscribe Now
Take a tour of our Income-Tax Library

Assessee has raised the ground that the Ld. CIT(Appeals) has confirmed the addition on account of provision for bad-debts, provision for interest and provision for gratuity without appreciation of fact that all these are infructuous when section 80P comes into effect.

Shanti Prime Publication Pvt. Ltd.

Sec. 80P(2) of Income Tax Act, 1961— Deduction — There is nothing in the provision of section 80P to show that the intention was to grant exemption to co-operative societies which were extending credit facilities to persons, who, though not members of the said society, were members of another co-operative society which is a member of the co- operative society seeking exemption and the meaning of the expression 'member' cannot therefore be extended to include the members of a primary co-operative society which is a member of the federated co-operative society seeking exemption and the principle of lifting the corporate veil cannot have any application in the context of the provisions contained in section 80P(2)(a)(z) - KENDRAPARA CREDIT CO-OPERATIVE SOCIETY LTD. V/s ITO - [2020] 28 ITCD Online 044 (ITAT-CUTTACK)