Interest from SBI Investments Ineligible for Section 80P(2)(a)(i) Deduction

Farmers Agriculture Credit Co-operative Society Ltd Vs ITO (ITAT Bangalore) The case of Farmers Agriculture Credit Co-operative Society Ltd. vs ITO revolves around the interpretation and application of Section 80P(2)(a)(i) of the Income Tax Act, 1961, concerning the eligibility of co-operative societies for tax deductions on their income. The society in question, registered under the Karnataka Co-operative Societies Act, 1959, had filed appeals against the orders of the Commissioner of Income Tax (Appeals) for the assessment years 2016-17 and 2018-19. The primary issue in both appeals was whet...