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sec 80P of the co-operative societies

This query is : Resolved 

can co-operatives societies like "souharda"as they are called who are mainly engaged in providing credit facilities to its members can claim sec 80P under the income tax act from A.Y.2007-08.( as far as a plain reading of the act goes it looks like we cant . but i have come across a lawyers elaborate explaination saying it can be claimed)

As per latest decisions of various ITATs all societies except "co-operative banks" which are controlled by RBI are eligible for deduction u/s 80(P). Please go through the decision of Jananagri credit society in this regard.



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