Section 80P Deduction Allowed on Interest From Co-operative Banks

Kumbarara Gudi Kaigarika Vs ITO (ITAT Bangalore) ITAT Bangalore: Deduction under Section 80P Allowed on Interest from Co-operative Banks The ITAT Bangalore Bench allowed the appeals of a co-operative society, holding that interest income earned from investments with co-operative banks / co-operative societies is eligible for deduction under section 80P. The Tribunal observed that merely because interest income is earned from bank deposits, it does not cease to be business income of a co-operative society engaged in eligible activities. It was noted that the Assessing Officer himself accepted ...