Section 80P Deduction Allowed as Bank Interest was Attributable to Business of Credit Society

Basaveshwaranagar Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore, adjudicated an appeal filed by a credit co-operative society against the order of the Commissioner of Income Tax (Appeals) for assessment year 2014–15. The appeal arose from an assessment completed under Section 143(3) of the Income-tax Act, wherein the Assessing Officer determined the total income of the assessee at ₹63,02,920 after denying deduction claimed under Section 80P. The core issue in the appeal was whether the assessee was entitled to deduction under S...