Disallowance u/s. 80P quashed as interest on nonrecoverable loans not recorded

Eluru Cooperative House Mortgage Society Limited Vs ITO (ITAT Visakhapatnam)

ITAT Visakhapatnam held that the interest on non­recoverable loans has not been recorded by the assessee and accordingly no deduction under section 80P of the Income Tax Act was claimed. Thus, addition made thereon is liable to be deleted.

Facts- The assessee is a cooperative society registered under the Andhra Pradesh Cooperative Societies Act, with the object of providing credit facilities to its members. AO held that the assessee has collected deposits from the non-members and g

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