Deduction Allowed as Interest from Co-operative Banks Qualifies under Section 80P

ITO Vs Ganesh Nagari Sahakari Pat Sanstha Maryadit (ITAT Pune) ITAT Pune Upholds Section 80P Deduction on Interest from Co-operative Banks; Revenue Appeal Dismissed The Pune Bench of the Income Tax Appellate Tribunal (ITAT) adjudicated cross appeals for AY 2018-19 involving a primary credit co-operative society. The Assessing Officer had denied deduction under section 80P(2)(d) on interest earned from deposits with co-operative banks and made other additions, which were partly deleted by the CIT(A). On Revenue’s appeal, the ITAT held that co-operative banks are also co-operative societies, a...