Interest on Investments under Karnataka Co-op Societies Act Eligible for Section 80P(2)(a)(i) Deduction

Canara Bank Staff Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) Introduction: A recent case before the Income Tax Appellate Tribunal (ITAT) Bangalore has re-examined the eligibility of co-operative societies for a deduction under Section 80P(2)(a)(i) of the Income Tax Act. The issue in question revolved around investments made by the co-operative societies as per the Karnataka Co-operative Societies Act and whether these investments are entitled to a tax deduction. Detailed Analysis: The case involved Canara Bank Staff Credit Co-operative Society Ltd., registered under the Karnataka...