Interest earned by Co-operative Society on deposits of surplus profit qualifies for deduction u/s. 80P(2): Kerala HC

PCIT Vs Sahyadri Co-Operative Credit Society Ltd (Kerala High Court) Kerala High Court held that income received by Co-operative Society by way of interest, on deposits of surplus profits earned by it, qualifies for the deduction contemplated under Section 80P(2)(a) of the Income Tax Act. Facts- The respondent/assessee is a Co-operative Society engaged in the provision of credit facilities to its members. It is a Multi-State Co-operative Society registered under the Multi-State Co-operative Societies Act, 2002, the provisions of which Statute regulate its functioning. The issue that arises for...