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Credit society eligible for section 80P(2)(a)(i) deduction on interest on surplus funds with Union Bank
Case Law Details
- Case Name
- Ghatkesar Farmers Service Cooperative Society Limited Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Hyderabad
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Ghatkesar Farmers Service Cooperative Society Limited Vs ITO (ITAT Hyderabad)
ITAT held that assessee being a primary agricultural co-operative society invested the own surplus funds with the Union Bank of India and, therefore, the assessee is entitled to claim the deduction under section 80P(2)(a)(i) of the Act.
It could be seen from the name of the assessee that it is a primary agricultural co-operative credit society and registered vide letter RC No. 18169/2007/IC-2(Spl.Cell), dated 18/11/2008. The by-laws of the society which are filed by way of paper book clearly show tha...
