ITAT Restores Section 80P Deduction for Cooperative Society Interest Income

Vyavasaya Seva Sahakari Bank Limited Vs ITO (ITAT Bangalore) Interest from Co-op Bank Fully Eligible u/s 80P(2)(a)(i)- Tumkur Merchants Rescues Yet Again: 80P Deduction Restored for Primary Credit Society- Two Karnataka HC Views – Beneficial One Prevails: ITAT Deletes 80P Disallowance Assessee, a primary credit co-operative society, filed ROI showing interest income of ₹20,64,423 from deposits with co-operative banks & claimed deduction u/s 80P(2)(a)(i). AO, relying on Totagars (2017) of Karnataka HC, held that surplus funds invested in co-operative banks give rise to income from other...