ITAT Visakhapatnam Grants Final Opportunity in Section 80P Deduction Dispute

Payakaraopeta Women’s Mutually Aided Coop Thrift & Credit Society Limited Vs ACIT (ITAT Visakhapatnam) Repeated Defaults But One Last Chance – ITAT Grants Final Opportunity in 80P Dispute Assessee, a society registered under the Andhra Pradesh Mutually Aided Cooperative Societies Act, had filed its return declaring NIL income after claiming deduction of Rs. 47.94 lakh u/s 80P. AO disallowed deduction in respect of interest on FDs, bank balances & staff loans amounting to about Rs. 33.71 lakh & completed assessment u/s 143(3). Assessee’s first appeal before CIT(A) was dismisse...