ITAT Kolkata Allows Section 80P(2)(d) Deduction on Interest from Co-operative Bank

Begpur Samabay Krishi Unnayan Samity Ltd Vs ACIT (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has allowed the appeal of Begpur Samabay Krishi Unnayan Samity Ltd., overturning the decision of the lower authorities to reject the society’s claim for deduction under Section 80P(2)(d) of the Income-tax Act, 1961, for the Assessment Year 2016-17. The ruling mandates the deletion of an addition totaling Rs.28,05,000/- representing interest income. The cooperative society, which is involved in the supply of agricultural raw materials and equipment, had claimed a deduct...