ITAT Allows Section 80P Deduction on Interest from Statutory Deposits with Co-operative Banks

Sri Bramaramba Pattina Souharda Sahakari Sangha Niyamitha Vs ITO (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT), Bangalore, allowed the appeal filed by a co-operative society against the order of the National Faceless Appeal Centre (NFAC) for Assessment Year (AY) 2020-21. The dispute concerned the taxability of interest income amounting to Rs.5,95,54,197 earned on statutory fixed deposits with co-operative banks and a scheduled bank, and the assessee’s entitlement to deduction under Section 80P(2)(a)(i) of the Income Tax Act. The assessee, a co-operative society providing credit f...