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 appealed against the order of the National...