Interest Earned by Cottage society Attributable to Business: Section 80P(2)(a)(ii) deduction Allowed

Potheri Village Weaning Food Manufacturing Womens Development Industrial Coop Vs ITO (ITAT Chennai)

ITAT Chennai held that the assessee is a cottage society and the entire income is attributable to business of the society and hence eligible to claim Interest earned on deposit also as deduction U/s.80P(2)(a)(ii) of the Income Tax Act.

Facts- The assessee is a co-operative society formed and managed by the Govt. of Tamilnadu through the department of Social welfare. The Assessee is a cottage Industry assessed as AOP (Co- operative Society) under the Income Tax

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