Addition Removed Because Profit Estimation Was Arbitrary: ITAT Confirms Full Section 80P Eligibility

Swa Ashokrao Bankar Nagari Sahakari Patsanstha Maryadit Vs ITO (ITAT Pune) Separate Books Maintained – AO’s Estimation Unsustainable- 80P Deduction Allowed in Full: ITAT Deletes Proportionate Profit Addition of ₹50.10 Lakh Assessee is a Co-operative Society engaged in providing credit facilities to its Members & had also taken a sugar factory on lease, carrying on sugar-manufacturing operations during AY 2022-23. It filed return declaring nil income after claiming deduction u/s 80P on gross total income of ₹65,25,467. AO held that the assessee had not maintained separate books for ...