Sir,
CPC is not allowing deduction under section 80P in the case of Co-operative society since last 02 years. i.e.A.Y.2018-2019 and A.Y.2019-2020.
This Co-operative society was established on Dt.26/04/1954.
Activity of this Co-operative society is to sell agriculture items to its members only, to give credit facility to its members only.
Many years Income Tax Department allowed deduction under section 80P while processing of Income Tax Return and in scrutiny assessment.
Now since last 02 years they are disallwoign claim under section 80P,.
What could be reason for disallwoing claim under section 80P. We rightly mentioned deduction under section 80P in Income Tax Return form.
Waiting for valuable guidance.
CAclubindia
