Interest From Co-operative Banks Deductible Under Section 80P(2)(d): ITAT Bangalore

Saunshi Urban Co-op Credit Society Ltd Vs ITO (ITAT Bangalore) The appeal before the Income Tax Appellate Tribunal Bangalore concerned the allowability of deduction under Section 80P of the Income-tax Act, 1961, for Assessment Year 2018–19. The assessee, a co-operative society registered under the Karnataka State Co-operative Societies Act, 1959, had declared nil income after claiming deduction of ₹54,05,866 under Section 80P. The Assessing Officer disallowed the deduction on the ground that interest income earned from investments with banks and other interest income was not attributable t...