Pune ITAT Restores Section 80P Deduction for Co-operative Credit Society

Datta Nagari Sahakari Pat Sanstha Vs ITO (ITAT Pune) Pune Tribunal Follows Consistent View – Deduction u/s 80P Restored to Credit Society- Interest on Deposits with Co-op Banks Eligible u/s 80P – ITAT Pune Grants Full Relief Assessee, a co-operative credit society registered under the Maharashtra Co-operative Societies Act, engaged in providing credit facilities to its members, claimed deduction u/s 80P on interest income earned from deposits with co-operative banks. For AY 2018-19, AO disallowed deduction of ₹1,56,70,940 earned from such deposits, treating it as “income from other sou...