Section 80P Deduction Allowed on Interest & Dividend Income of Co-op Credit Society: ITAT Pune

Advertisement Ruby Hall Clinic Karmchari Sahakari Patsanstha 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 2020-21. The assessee, a co-operative credit society engaged in providing credit facilities to its members, had filed its return declaring nil income after claiming deduction of ₹1,16,19,383 under Section 80P of the Income-tax Act. The case was selected for scrutiny, and the Assessing Officer observed that the assessee had earned interest ...