Co-Op Credit Society can claim Section 80P deduction on interest income from nationalized banks

ITO Vs. The Electro Urban Co-op. Credit Society Ltd. (ITAT Kolkata) We note that the issue before us is against the order of Ld. CIT(A) in holding that the interest income from nationalised banks was income from business and was eligible for deduction u/s. 80-P of the Act. We note that the issue is squarely covered in favour of the assessee by the decision of Hon’ble jurisdictional High Court at Calcutta in the case of SE, SEC & E.Co. Railways Employees’ Cooperative Credit Society (supra) and also the Third Member decision in assessee’s own case in ITA Nos. 1168 & 1169/Cal/1994, ...