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of <h1>Supreme Court Decision Pending on Cooperative Societies' Tax Deductions u/ss 80P(2)(a)(i) and 80P(4.</h1> The case involves the interpretation of Section 80P(2)(a)(i) and 80P(4) of the Income Tax Act, concerning the eligibility of cooperative societies for tax deductions. The Revenue contends that such benefits cannot extend to cooperative banks beyond primary agricultural credit societies. The High Court ruled that societies operating within specific geographical areas and serving only their members are eligible for deductions. The Revenue, disagreeing, reopened assessments and issued notices under Section 148. The High Court has put these notices on hold pending the Supreme Court's decision. If the Supreme Court rules in favor of the assessees, the notices will be quashed; otherwise, reassessment proceedings will continue.
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