Deduction u/s. 80P(2) admissible to BSNL Employees Co-op. Society Ltd.: ITAT Bangalore

BSNL Employees Co-operative Society Ltd Vs ACIT (ITAT Bangalore) ITAT Bangalore held that BSNL Employees Co-operative Society Ltd. are eligible for deduction under section 80P(2) of the Income Tax Act for interest earned from deposits with Co-operative Banks. Facts- The assessee is a cooperative society and filed its return declaring Nil income on 26.9.2012 and claimed deduction u/s. 80P(2)(a)(i) of the Act of Rs.67,80,387. The case was selected for scrutiny and statutory notices issued to the assessee. In response to notice, assessee filed details as called for. The AO noted that the assessee...