Co-op Societies Eligible for Section 80P Deduction on Interest from Co-op Banks

Navrang Basant Co-operative Housing Society Limited Vs ITO (ITAT Mumbai)

Introduction: In a recent case before the Income Tax Appellate Tribunal (ITAT) in Mumbai, the issue of interest income deduction under Section 80P of the Income Tax Act for a cooperative housing society was under consideration. The case revolved around whether cooperative societies were eligible for this deduction.

1. Background of the ITAT Case: The case was brought before the ITAT

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