Section 80P deduction allowable on Interest Income Of Co-Op Society From Investment With Other Co-op Society: Mumbai ITAT

Indian Oil Employees Welfare Cooperative Society Ltd. Vs ACIT (ITAT Mumbai) The case of Indian Oil Employees Welfare Cooperative Society Ltd. vs ACIT (ITAT Mumbai) revolves around the eligibility of the cooperative society’s interest income under section 80P of the Income Tax Act. The society contested the disallowance of deductions claimed under section 80P for the interest earned from cooperative banks. The crux of the matter lies in determining whether the interest income earned by the cooperative society qualifies for deduction under section 80P(2)(a) or 80P(2)(d) of the Income Tax A...