Deduction u/s 80P eligible on ‘interest’ earned by assessee on deposits placed with SBI by SBI Officers Co-op. Credit Society

SBI Officers Coop. Credit Society Ltd Vs. ITO (ITAT Hyderabad) This is assessee’s appeal for the A.Y 2012-13. In this appeal, the assessee is aggrieved by the order of the learned CIT (A)-10, Hyderabad, dated 2.11.2016 confirming the dis allowance of Rs. 77,44,295 claimed by the assessee as a deduction u/s 80P of the Act. 2. Brief facts of the case are that the assessee is a Co-operative Credit Society providing credit facility to its members. It filed its return of income for the A.Y 2012-13 on 28.09.2012 admitting “income from business or profession” at Rs. 1,91,88,053 and claiming the...