Credit Society Entitled to Full U/s 80P Deduction on Deposit Interest

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 ...