Interest From Co-Op Banks Eligible for Section 80P Deduction Because Banks Are Also Co-Op Societies: ITAT Ahmedabad 

Ahmedabad Co-operative Department Stores Ltd. Vs DCIT (ITAT Ahmedabad) The appeals before the Income Tax Appellate Tribunal Ahmedabad were filed by Ahmedabad Co-operative Department Stores Ltd. against orders passed by the Commissioner of Income Tax (Appeals), NFAC, Delhi for Assessment Years 2018-19 and 2020-21. The Tribunal dealt primarily with the issue of deduction under Section 80P(2)(d) of the Income-tax Act, 1961 in respect of interest income earned from deposits with co-operative banks and dividend income received from co-operative institutions. The assessee, a co-operative departmenta...