Co-op Society can claim section 80P(2)(d) deduction on Interest Income from Co-op Banks

GSSS Credit Co-operative Society Limited Vs ITO (ITAT Bangalore)

In a landmark decision, the Income Tax Appellate Tribunal (ITAT) Bangalore has ruled in favor of GSSS Credit Co-operative Society Limited, allowing interest income from co-operative banks to qualify for deduction under Section 80P(2)(d) of the Income Tax Act. This ruling addresses a contentious issue regarding the eligibility of interest income for tax deductions, impacting numerous co-operative societies across the country.

Background of the Case

GSSS Credit Co-operative Society Limited

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