Supreme Court Clarifies Deduction for Cooperative Societies Providing Credit Facilities: Mavilayi Service Cooperative Bank Ltd. vs. Commissioner of Income Tax (2021)

/ Banking Regulation Act, 1949, Banking Regulation Act, 1949 with Section 56, Deductions for Cooperative Societies, Income-tax Act, 1961, Income-Tax Act, 1961 with Section 2(19), Income-Tax Act, 1961 with Section 80P, Judges, K.M. Joseph, Navin Sinha, Primary Agricultural Credit Society, R.F. Nariman

Supreme Court Clarifies Deduction for Cooperative Societies Providing Credit Facilities: Mavilayi Service Cooperative Bank Ltd. vs. Commissioner of Income Tax (2021) LEGAL ISSUE: Whether cooperative societies registered as primary agricultural credit societies are eligible for tax deductions under Section 80P(2)(a)(i) of the Income-Tax Act, 1961, if they provide credit facilities to members, regardless of whether […]

Supreme Court Clarifies Deduction for Cooperative Societies Providing Credit Facilities: Mavilayi Service Cooperative Bank Ltd. vs. Commissioner of Income Tax (2021) Read Post »