Bangalore ITAT Slams Flip-Flop by AO; Grants Full 80P Deduction Including Bank Interest to Credit Co-operative Society

Thannirupantha Primary Agricultural Credit Co-opeartive Society Ltd. Vs ITO (ITAT Bangalore) Bangalore ITAT Slams Flip-Flop by AO; Grants Full 80P Deduction Including Bank Interest to Credit Co-operative Society In a significant ruling, the Bangalore ITAT allowed the claim of Thannirupantha Primary Agricultural Credit Co-operative Society Ltd. under Section 80P(2)(a)(i) and held that interest income earned from deposits with banks and co-operative banks was eligible for deduction as income attributable to the society’s business of providing credit facilities to its members. The Assessing O...