Co-op societies engaged in banking business eligible for section 80P deduction on interest income on bank deposits

M.P. Police Sakh Sahkari Sanstha Maryadit Vs PCIT (ITAT Indore) Co-operative societies engaged in banking business are eligible for deduction u/s. 80P on their interest income from bank deposits- ITAT Indore Facts of the Case 1. The assessee is a co-operative society engaged in the business of banking which filed ITR claiming deduction u/s 80P. 2. The case was selected for scrutiny assessment where the claim of assessee was allowed. 3. Subsequently, the PCIT examined the assessment-order and found that the assessee had earned interest from fixed deposits with banks which is not eligible for d...