Interest on Bank Deposits Can Still Qualify for 80P Deduction- Bangalore ITAT Gives Relief to Credit Co-operative Society

Advertisement Hamdard Co-operative Society Limited Vs ADDL/JCIT (ITAT Bangalore) Interest on Bank Deposits Can Still Qualify for 80P Deduction- Bangalore ITAT Gives Relief to Credit Co-operative Society The Bangalore ITAT allowed deduction u/s 80P(2)(a)(i) to a credit co-operative society by holding that the interest earned on deposits kept with co-operative banks and reserve fund deposits was attributable to the business of providing credit facilities to members and therefore eligible for deduction. The Tribunal distinguished the facts from the Supreme Court ruling in Totgars and relied on...