ITAT Allows 80P Deduction as Interest Earned from Co-Op Banks Treated as Eligible Income

Jaimuni Sahkari Patpedhi Maryadit Vs Assessment Unit (ITAT Mumbai) The ITAT Mumbai adjudicated appeals filed by a credit co-operative society against orders passed by the Commissioner of Income Tax (Appeals) for Assessment Years 2017–18, 2018–19, and 2020–21 involving a common issue relating to deduction under Section 80P. The assessee, registered under the Maharashtra Co-operative Societies Act, was engaged in providing credit facilities exclusively to its members and did not possess a banking licence nor was it registered under the Banking Regulation Act. The assessee had declared nil ...