ITAT Clarifies 80P Deduction on Deposited Funds of Cooperative Societies

Vijaya Bank Employees Cooperative Credit Society Vs ITO (ITAT Bangalore) Interest on Bank Deposits Still 80P-Eligible: ITAT Allows Deduction u/s 80P(2)(a)(i) to Credit Co-op Society Bangalore ITAT has allowed deduction u/s 80P(2)(a)(i) to Vijaya Bank Employees Cooperative Credit Society for AY 2022-23, reversing the denial of deduction on interest income of ₹13.51 lakh earned from bank deposits. The Assessee, a members’ credit cooperative society, claimed deduction of its entire business income under section 80P(2)(a)(i). The AO & NFAC-CIT(A) denied deduction on interest from SB accoun...