ITAT: Interest from Co-op Banks Not Same as Co-op Society, Denies 80P(2)(d) Deduction

Bantwal Public Employees Consumers Co-operative Society Vs ITO (ITAT Bangalore)

Introduction: In a pivotal decision by the Income Tax Appellate Tribunal (ITAT) Bangalore, the Bantwal Public Employees Consumers Co-operative Society faced a setback as their claim for a deduction under section 80P(2)(d) of the Income Tax Act was dismissed. This ruling, dated 20.09.2023, has significant implications for co-operative societies across the country, particularly those deriving interest income from investments with c

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