ITAT Allows Rs. 62.57 Lakh Deduction for Co-op Society Under Section 57

Vir Transport Operators Copo Credit & Services Society Limited Vs DCIT (ITAT Ahmedabad) No One-to-One Nexus Needed – Co-op Society Wins: ITAT Allows ₹62.57 Lakh Proportionate Expense u/s 57 Assessee, a registered co-operative credit society, filed return declaring Rs.13,48,070/- & claimed deduction of Rs.1,19,38,736/- u/s 80P. During scrutiny, AO noted interest income of Rs.27,28,675/- from deposits with co-operative banks & disallowed deduction u/s 80P(2)(d), treating it taxable u/s 56. AO also disallowed Rs.62,57,776/- claimed u/s 57 as proportionate expenditure against o...