Co-op Society can claim Section 80P Deduction on Interest from Co-op Bank: ITAT Ahmedabad

Shree Sarvodaya Sahakari Mandali Ltd Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad addressed appeals filed by Shree Sarvodaya Sahakari Mandali Ltd. concerning the eligibility of interest earned from co-operative bank deposits for deduction under Section 80P of the Income Tax Act. The core issue revolved around whether interest earned by a co-operative society from investments in co-operative banks qualifies for deduction under Section 80P(2)(d). The tribunal examined the assessee grounds, which included challenging the reassessment initiated under Section 147 and d...