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Section 80P deduction allowed on interest income of Credit co-op societies from its investment with other bank

RATHI 04 Sep 2024 357 Views 0 comment Print Income Tax | Judiciary

Case Law Details

Case Name : Ismailia Urban Co-Op Vs ITO (ITAT Nagpur)

Appeal Number : ITA No. 122/Nag./2023

Date of Judgement/Order : 18/06/2024

Related Assessment Year : 2018-19

Courts : All ITAT ITAT Nagpur

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Ismailia Urban Co-Op Vs ITO (ITAT Nagpur)

Conclusion: Deduction under section 80P was allowable to assessee-credit co-operative society on interest income earned on its investment with other banks as assessee society was maintaining operational funds and to meet any eventuality towards repayment of deposit the cooperati

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