Section 80P Deduction Allowed on Interest & Dividend from Co-op Bank Deposits: ITAT Pune

Yashwant Nagari Sahakari Patsanstha Maryadit Vs ITO (ITAT Pune) The ITAT Pune allowed the assessee’s appeal against the NFAC order dated 24.01.2024 for Assessment Year 2017-18. The assessee, a co-operative society registered under the Maharashtra State Co-operative Societies Act, 1960 and engaged in providing credit facilities to its members, had claimed deduction under Sections 80P(2)(a)(i) and 80P(2)(d) in respect of interest and dividend income. The Assessing Officer denied the deduction after treating the assessee as a co-operative bank based on its paid-up share capital, reserves and ac...