Co-Op Banks Qualify as Co-Op Societies for Section 80P(2)(d) Deduction: ITAT Panaji

Belgaum Coal & Coke Consumer Co-Operative Association Ltd. Vs ITO (ITAT Panaji) Income Tax Appellate Tribunal (ITAT) Panaji recently ruled on an appeal by Belgaum Coal & Coke Consumer Co-operative Association Ltd. against the Income Tax Officer (ITO). The case concerned tax deductions under Sections 80P(2)(d) and 80P(2)(e) of the Income Tax Act, 1961. The appeal was directed against an order issued by the Commissioner of Income Tax (Appeals), Belagavi, which upheld the Assessing Officer’s (AO) decision to disallow deductions claimed by the assessee for the assessment year 2010-11. Th...