Co-op Society’s Interest Income from Co-op & Scheduled Bank Deposits Eligible for 80P(2) Deductions

Kolhapur District Central Co-op. Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd. Vs ITO (ITAT Pune) Introduction: In a significant ruling by the Income Tax Appellate Tribunal (ITAT) Pune, in the case of Kolhapur District Central Co-op. Bank Kanista Sevakanchi Sahakar Pat Sanstha Ltd. Vs ITO, a pivotal decision was made on January 1, 2024, regarding the eligibility of interest income earned from co-operative or scheduled banks for deduction under section 80P(2) of the Income Tax Act, 1961. This judgment addresses the critical aspect of how interest income derived by cooperative societies from ...