Interest received from co-operative bank deductible u/s. 80P: ITAT Ahmedabad

Kamran Vikas Co-op. Credit Society Ltd Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that interest received from co-operative bank is eligible for deudciton under section 80P of the Income Tax Act. Thus, disallowance made u/s. 80P deleted. Facts- The assessee is a cooperative credit society engaged in providing credit facility to its members. The original assessment for A.Y. 2013-14 was completed u/s 143(3) of the Act on 16.12.2015 at total income of Rs.1,590/-. Subsequently the AO noticed that the assessee had derived FD interest of Rs.34,54,048/- from The Sabarkantha District Cooperative Bank ...