ITAT allows section 80P deduction on Interest Income of Coop Society on Surplus Fund deposits

Kai Fakira Jairam Patil Vs ITO (ITAT Pune) In a recent decision, the Income Tax Appellate Tribunal (ITAT) Pune ruled in the case of Kai Fakira Jairam Patil vs. ITO that cooperative societies are eligible to claim deductions under Sections 80P(2)(a)i) and 80P(2)(d) of the Income Tax Act for interest income derived from surplus funds deposited in cooperative banks and scheduled banks. This article provides a detailed analysis of the ruling and its potential implications. The appeal case was initiated after the National Faceless Appeal Centre (NFAC), Delhi denied the deduction on interest income...