Nominal Members No Bar for 80P Deduction—ITAT Allows Relief & SBI Interest Expense Set-off

B U E H B Co-op. Society Ltd. Vs ITO (ITAT Bangalore) Nominal Members No Bar for 80P Deduction – ITAT Grants Relief & Allows Expense Set-off on SBI Interest The assessee, a co-operative society, was denied deduction under Section 80P by the AO and CIT(A) mainly on the ground that it had nominal members and earned interest from bank deposits. The CIT(A) also passed an ex-parte order due to non-compliance. The ITAT Bangalore held that the presence of nominal/associate members does not disentitle deduction, particularly when such membership is permitted under the Karnataka Co-operative Soci...