Deduction u/s. 80P(2) admissible to BSNL Employees Co-op. Society Ltd.: ITAT Bangalore

BSNL Employees Co-operative Society Ltd Vs ACIT (ITAT Bangalore)

ITAT Bangalore held that BSNL Employees Co-operative Society Ltd. are eligible for deduction under section 80P(2) of the Income Tax Act for interest earned from deposits with Co-operative Banks.

Facts- The assessee is a cooperative society and filed its return declaring Nil income on 26.9.2012 and claimed deduction u/s. 80P(2)(a)(i) of the Act of Rs.67,80,387. The case was selected for scrutiny and statutory notices issued to the assessee. In response to notice, assessee filed details as called

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