ITAT Bangalore Allowed Section 80P Deduction on Interest from Scheduled & Co-op Banks

Sri Sai Souhardha Credit Cooperative Ltd. Vs ITO (ITAT Bangalore) Bengaluru ITAT: Section 80P Deduction Allowed on Interest from Scheduled and Co-operative Banks The Bengaluru ITAT held that a credit co-operative society is entitled to deduction under section 80P(2)(a)(i) on interest earned from deposits with both scheduled banks and co-operative banks, where such interest is attributable to its business of providing credit facilities to its members. The Tribunal first condoned a 666-day delay in filing the appeal after accepting the assessee’s explanation that its Chartered Accountant c...