80P

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GIREESHA T L

GIREESHA T L (Querist)
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17 November 2010 a credit co operative soceity can claim a deduction under section 80p (2)

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 November 2010 https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942

https://taxguru.in/income-tax-case-laws/co-operative-bank-entitled-to-deduction-us-80p2ai-on-amount-of-interest-received-us-244a-on-income-tax-refund.html

Please see above links.

NITIN SHARMA

NITIN SHARMA (Expert)
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22 November 2010 In my openion the answer is affermative.

CA.Madhusudan B.P.

CA.Madhusudan B.P. (Expert)
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22 November 2010 I differ the experts.

IF the Credit co operative society is not
a)Primary agricultural credit society or
b)a primary co-operative agricultural and rural development bank.

effectively from 01.04.2007 inserted by Finance act 2006, the deduction U/s 80P is not allowed to any co operative society, other than a & b above.Sec 80P(4)

FYI

https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=a2db6c77-dc1f-4544-8019-d19e27257bdf&rdb=sec&yr=75996b99-a798-4098-bca8-e66ee23fe426&sec=80p&sch=&title=Taxmann - Direct Tax Laws

@Sanjay

https://www.taxmanagementindia.com/wnew/detail_rss_feed.asp?ID=942
the case was decided recently, but the asst year was 1989-90. So does not apply now, As there was an amendment in the IT Act in 2007

And the second case was relating to whether the interest income was deductable U/s 80P.

In my opinion, if the cooperative is not Primary agricultural credit society orprimary co-operative agricultural and rural development bank, you would not be eligible for dedcution under this section.

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