ITAT Bangalore Allows 80P Deduction on Interest From Co-operative Banks; 307-Day Delay Condoned

Jammanahally Prathamika Krishi Pattina Sahakara Sangha Vs ITO (ITAT Bangalore) ITAT Bangalore Allows 80P Deduction on Interest From Co-operative Banks; 307-Day Delay Condoned The Bangalore SMC Bench of the ITAT condoned a delay of 307 days in filing the appeal and allowed deduction u/s 80P(2)(a)(i) on interest income earned by a primary agricultural credit co-operative society from deposits with co-operative banks. The Tribunal held that such interest was attributable to the business of providing credit facilities to members and could not be taxed as “Income from Other Sources” merely beca...