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2022 (12) TMI 332 - AT - Income TaxExemption u/s 80P(2)(a)(i) - eligibility of an assessee registered under Karnataka Souharda Sahakari Act, 1997 for exemption - HELD THAT:- The Hon’ble Karnataka High Court in the case M/S. SWABHIMANI SOUHARDA CREDIT CO. OPERATIVE LTD. [2020 (1) TMI 831 - KARNATAKA HIGH COURT] held that a cooperative society registered under Karnataka Souharda Sahakari Act, 1997 also fall within the definition of cooperative society as defined u/s 2(19) of the Act. Therefore, the reasoning of the ld. CIT(A) that the appellant society is not a cooperative society, cannot be accepted. Therefore, the income earned by the appellant society from its members on the credit is exempt from tax u/s 80P(2)(a)(i) of the Act. Thus, this ground of appeal stands allowed. As regards to the exemption of income earned from another cooperative society, this issue is no longer res integra as the issue was decided by the Co-ordinate Bench of the this Tribunal in the case of The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co-op Credit Society [2021 (11) TMI 1117 - ITAT PANAJI] - Decided in favour of assessee.
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