Pune ITAT Allows Section 80P Deduction on Bank Deposit Interest to Credit Society

Advertisement Dapodi Workshop Employees Cooperative Credit Society Limited Vs ITO (ITAT Pune) Pune ITAT Allows Section 80P Deduction to Employees’ Credit Society – Interest from Bank Deposits Held Eligible for Deduction The ITAT Pune allowed the assessee’s claim for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961 in respect of interest income earned by an employees’ co-operative credit society from bank deposits. The Tribunal noted that the assessee, a co-operative credit society providing loans and credit facilities exclusively to its members, had claimed deduc...