Co-op Society eligible to Section 80P Deduction on Interest from Co-op Bank

Advertisement Paisafund Gramin Bigar Sheti Sahakari Pat Sanstha Maryadit Vs ITO (ITAT Pune) A cooperative society, registered under the Maharashtra Co-operative Societies Act, 1960, and engaged in providing credit facilities and accepting deposits from its members, has successfully appealed against a disallowance of deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The appeal, filed against an order by the National Faceless Appeal Centre (NFAC), Delhi, concerned the assessment year 2018-19. The appellant had filed its income tax return declaring a ‘Nil’ income ...