Co-op Credit Society’s interest income from Co-op Banks Eligible for Section 80P(2)(d) Deduction

Bardoli Vibhag Gram Vikas Co.Op. Credit Society Ltd. Vs PCIT (ITAT Surat) Income Tax Appellate Tribunal (ITAT), Surat Bench, recently delivered a ruling in the case of Bardoli Vibhag Gram Vikas Co.Op. Credit Society Ltd. vs. PCIT, asserting that interest income earned by a co-operative society from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961. This decision overturns a revisionary order passed by the Principal Commissioner of Income Tax (PCIT), bringing clarity to a contentious area of tax law for co-operative societies. The app...