Deduction u/s. 80P available to co-operative society on interest from credit facilities extended to nominal members

Rajura Nagari Sahakari Pat Sanstha Maryadit Vs ITO (ITAT Nagpur) ITAT Nagpur held that co-operative society is eligible to claim deduction under section 80P of the Income Tax Act in respect of interest earned from credit facilities extended to nominal members. Accordingly, appeal of assessee allowed. Facts- The assessee is a resident AOP (Association of Persons), engaged in the business of providing credit facilities to its members and assessed to tax. The case of the assessee was selected for limited scrutiny. AO disallowed deduction claimed under section 80P was disallowed and added back to ...