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SC: Non Banking Cooperative Society Providing Credit to Members Eligible for Section 80P Deduction - (15 Sep 2023)

DIRECT TAXATION

Supreme Court has held that a co-operative society that is not a co-operative bank under Section 56 of Banking Regulation Act, 1949, then such society giving credit facilities to members doesn’t transact the business of banking and is eligible for deduction under Section 80P of the Income Tax Act.

Tags : SUPREME COURT   COOPERATIVE SOCIETY   BANKING   DEDUCTION  

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