Section 80P Deduction Allowed as Bank Deposits Were Security for Business Loans: ITAT Hyderabad

Andhra Bank Farmers Service Cooperative Society Limited Vs ITO (ITAT Hyderabad) The assessee, a cooperative society, filed appeals before the Income Tax Appellate Tribunal (ITAT), Hyderabad, challenging orders of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), for Assessment Years 2015-16 and 2016-17. There was a delay of 303 days in filing the appeals. The assessee sought condonation of the delay, explaining that it was under a bona fide belief that it should wait for the Assessing Officer to pass consequential orders pursuant to the CIT(A)’s directions reg...