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 by the Navrang Basant Co-operative Housing Society Limited, the appellant. The appeal challenged an appellate order issued by the National F...