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Credit Society Entitled to Full U/s 80P Deduction on Deposit Interest
Case Law Details
- Case Name
- Jagadguru Mouneshwar Pattina Sahakari Sangh Niyamita Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020 - 21
- Courts
- All ITAT, ITAT Bangalore
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Jagadguru Mouneshwar Pattina Sahakari Sangh Niyamita Vs ITO (ITAT Bangalore)
Interest on Co-op Bank & Reserve Fund Deposits Eligible: ITAT Allows 80P(2)(a)(i) Deduction to Credit Society
Bangalore ITAT has allowed deduction u/s 80P(2)(a)(i) to Shree Jagadguru Mouneshwar Pattina Sahakari Sangh Niyamita for AY 2020-21, reversing the orders of AO & NFAC-CIT(A) which had denied deduction on interest income of ₹7.26 lakh from co-operative bank deposits and ₹1.90 lakh from reserve fund investments.
The Assessee, a members’ credit cooperative society, declared Nil income after claiming ...
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