https://www.taxtmi.com/caselaws?id=432817 The ITAT Panaji allowed the assessee's appeal regarding exemption under section 80P(2)(a)(i). The tribunal held that a cooperative society registered under Karnataka Souharda Sahakari Act, 1997 qualifies as a cooperative society within the meaning of section 2(19) of the Income Tax Act, rejecting the CIT(A)'s contrary finding. The tribunal granted exemption for income earned from members on credit facilities, treating nominal members as regular members based on SC precedent. Additionally, exemption was allowed for income earned from another cooperative society, following earlier tribunal decisions. The appeal was decided in favor of the assessee. en-us Mon, 12 Dec 2022 00:00:00 +0530 Tue, 24 Jun 2025 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432817 The ITAT Panaji allowed the assessee's appeal regarding exemption under section 80P(2)(a)(i). The tribunal held that a cooperative society registered under Karnataka Souharda Sahakari Act, 1997 qualifies as a cooperative society within the meaning of section 2(19) of the Income Tax Act, rejecting the CIT(A)'s contrary finding. The tribunal granted exemption for income earned from members on credit facilities, treating nominal members as regular members based on SC precedent. Additionally, exemption was allowed for income earned from another cooperative society, following earlier tribunal decisions. The appeal was decided in favor of the assessee. Case-Laws Income Tax Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432817