Section 80P Deduction Allowed on Interest from Co-operative Bank Deposits: ITAT Pune

Baner Nagari Sahakari Pat Sanstha Maryadit Vs ITO (ITAT Pune) The Pune Bench of the Income Tax Appellate Tribunal allowed the assessee’s appeal against the order of the National Faceless Appeal Centre for Assessment Year 2018-19. The assessee, a co-operative society registered under the Maharashtra Co-operative Societies Act, 1960 and engaged in accepting share money and deposits from its members and providing credit facilities to them, had filed its return declaring nil income. During assessment, the Assessing Officer disallowed deduction claimed on interest income of ₹34,35,588 earne...