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Bangalore ITAT Allows 80P Deduction on Bank Interest to Credit Co-op Society
Case Law Details
- Case Name
- Kundapura Vyavasaya Seva Sahakari Sangha Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Bangalore
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Kundapura Vyavasaya Seva Sahakari Sangha Vs ITO (ITAT Bangalore)
Bangalore ITAT Slams Denial of U/s 80P Deduction to Credit Co-operative Society – Interest on Bank Deposits Held Eligible U/s 80P(2)(a)(i), Ad-hoc Disallowance of Provisions Also Deleted
The Bangalore ITAT allowed the appeals of a primary agricultural credit co-operative society and held that interest earned on deposits kept with banks out of business funds/reserves is eligible for deduction u/s 80P(2)(a)(i) where the society is engaged in providing credit facilities to its members. The Tribunal noted that ...
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