Section 80P Deduction Allowed on Bank Interest & Nominal Member Transactions: ITAT Pune

Advertisement Nashik Road Nagari Sahkari Patsanstha Limited Vs ITO (ITAT Pune) The assessee, a co-operative society registered under the Maharashtra Co-operative Societies Act, 1960 and engaged in providing credit facilities to its members, filed its return of income for AY 2013-14 declaring nil income. The Assessing Officer completed the assessment under Section 143(3) of the Income-tax Act, 1961 by making additions aggregating to ₹44,01,002. The additions included treating interest earned on fixed deposits with Bank of Baroda and interest on Government/RBI securities as income from othe...