Case Law Details
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 appealed against the order of the National Faceless Appeal Centre (NFAC), New Delhi, which denied the deduction under Section 80P(2)(d) for interest income earned from co-operative banks for the assessment years 2017-18, 2018-19, and 2020-21. The key issue was whether such interest income should be considered for deduction under Section 80P(2)(d).
Provisions of Section 80P(2)(d)
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