Section 80P Deduction Allowed as Co-operative Bank Treated as Co-operative Society

DCIT Vs Pursottam Farmers Co-op. Cotton Grnning and Pressing Soc. Ltd. (ITAT Surat) These cross-appeals before the ITAT Surat arose from an order dated 05.03.2024 passed by the Commissioner of Income Tax (Appeals), NFAC, Delhi, for AY 2017–18. The dispute concerned the allowability of deduction under Section 80P(2)(d) of the Income-tax Act, 1961, on interest and dividend income earned by a co-operative society from investments made with a co-operative bank. The assessee filed its return declaring nil income after claiming deduction of ₹2.65 crore under Chapter VIA, including ₹2.32 crore ...