Wednesday, February 15, 2017

Sec. 80P relief available to Co-operative credit society providing credit facilities only to its members

The High Court of Madras held that where assessee co-operative credit society was providing credit facilities to its members alone and not to general public at large and it also did not receive monies by way of deposit from general public, it could not be termed as co-operative bank Commissioner of Income-tax, Coimbatore v. Nilgiris Cooperative Marketing Society Ltd.* [2017] 77 taxmann.com 23 (Madras)

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