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.

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