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2020 (2) TMI 155 - AT - Income TaxEntitlement for deduction u/s 80P - entities registered under the Karnataka Souharda Sahakari Act, 1997 - HELD THAT:- In view of the latest judgment of the Hon’ble jurisdictional High Court in the case of M/s.Swabhimani Souharda Credit Co-operative Ltd. & Ors. v. Government of India & Ors. [2020 (1) TMI 831 - KARNATAKA HIGH COURT] wherein held that entities registered under the Karnataka Souharda Sahakari Act, 1997 fit into the definition of “co-operative society” as enacted in sec.2(19) of the Income Tax Act, 1961, and therefore, subject to all just exceptions, petitioners are entitled to stake their claim for the benefit of sec.80P of the said Act. Hence, we are inclined to hold that the assessee is entitled for deduction u/s 80P of the I.T.Act. - Decided in favour of assessee.
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