Section 80P Deduction Allowed on Interest Income Attributable to Credit Society’s Business

Advertisement Gurudatta Gramin Bigarsheti Sahakari Patsanstha Maryadit Vs ITO (ITAT Delhi) The assessee filed an appeal before the Income Tax Appellate Tribunal (ITAT) against the order of the Commissioner of Income Tax (Appeals) [NFAC] for Assessment Year (AY) 2015-16 arising from an assessment made under Sections 147 read with 144B of the Income Tax Act. The assessee challenged, among other issues, the disallowance of deduction under Section 80P in respect of interest income of ₹12,04,748 earned from The Nasik Merchants Co-operative Bank Ltd. It also contended that such interest was par...