ITAT allows 80P Deduction on Interest from Co-op Banks, SBI & Treasury Investments

ITO Vs Kerala Univerity Employees Co-operative Society Ltd. (ITAT Cochin) Income Tax Appellate Tribunal (ITAT) Cochin has dismissed the appeal filed by the Revenue against Kerala University Employees Co-operative Society Ltd., upholding the deduction claimed under Section 80P of the Income Tax Act, 1961. The appeal pertained to the Assessment Year (AY) 2020-21, during which the society had disclosed nil income after claiming a deduction of ₹75.03 lakh under Section 80P. The society, registered under the Kerala Co-operative Societies Act, primarily provides credit services to its members. The...