Interest Income from ‘Nominal Members’ eligible for deduction u/s 80P(2)(a)(i)

Yuvashakti Nagari Sahkari Path Sanstha Maryadit Rendal Vs ITO (ITAT Pune) Introduction The Income Tax Appellate Tribunal (ITAT) Pune recently delivered a significant verdict in the case of Yuvashakti Nagari Sahkari Path Sanstha Maryadit Rendal Vs ITO, where the central issue was the non-granting of deduction under Section 80P of the Income Tax Act. This case specifically pertains to the claim of deductions on earned interest income from nominal members and income earned from certain business activities. Analysis In the case, the cooperative credit society argued that the earned interest income...