Deduction U/s. 80P to cooperative society on Interest earned on FDs and saving bank deposit

Jawala Cooperative Urban Thrift & Credit Society Ltd. Vs ACIT (ITAT Delhi)

Funds kept in bank could be said to be ready for utilization by the assessee, cooperative society, in its business of providing credit facilities to its members, and therefore, the income from such monies, kept in bank, were attributable to the business of providing credit facilities, so as to fall within the ambit of section 80P(2)(a)(i).

FULL TEXT OF THE ITAT JUDGME

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