Income Tax - Highlights / Catch Notes

Deduction u/s 80P - The banking activities under the Banking ...

Section 80(P)(4) Exemption Granted: Credit Society Activities Differ from Banks, Eligible for Section 80(P)(2) Benefits.

May 9, 2023

Case Laws Income Tax SC

Deduction u/s 80P - The banking activities under the Banking Regulation Act are altogether different activities. There is a vast difference between the credit societies giving credit to their own members only and the Banks providing banking services including the credit to the public at large also. - the respondent/Assessee cannot be said to be Co-operative Bank/Bank and, therefore, Section 80(P)(4) shall not be applicable and that the respondent/Assessee shall be entitled to exemption/benefit under Section 80(P)(2) - SC

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Deduction u/s 80P - The banking activities under the Banking ...

Section 80(P)(4) Exemption Granted: Credit Society Activities Differ from Banks, Eligible for Section 80(P)(2) Benefits.

May 9, 2023

Case Laws Income Tax SC

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