No Section 80P deduction on insurance activities as not fall under Banking business

Indur Intideepam Producers MA Cooperative Societies Federation Limited Vs ITO (ITAT Hyderabad) Conclusion: Deduction claimed by assessee in return of income which was directly relatable to the insurance activities, as it did not fall under section 80P(2) i.e., Insurance activities. Accordingly, the matter was remanded back to the file of AO for the limited purposes of verifying the deduction claimed in return of income and to pass a fresh order after affording due opportunity of hearing to the assessee in accordance with law. Held:  Assessee-cooperative society was providing credit facilities...