Co-Op Credit Society Eligible for 80P(2)(a)(i) Deduction on Total Income, Including Bank Interest: ITAT Mumbai

Maharashtra Mantralaya Shaskiy Karmachari Co-op Credit Society Ltd. Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai addressed an appeal filed by Maharashtra Mantralaya Shaskiy Karmachari Co-op Credit Society Ltd., contesting the disallowance of deductions under Section 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, 1961. The assessee, a cooperative credit society providing credit facilities exclusively to its members, had claimed deductions for its income, which included interest on investments, dividends, and other receipts. The Assessing Officer (AO) disallowed a port...