Section 80P(2)(a)(i) Deduction Eligible for Interest Earned from Credit Facilities to Members, Including Nominal/Associate Members

Sullia Taluk Women’s Multipurpose Cooperative Society Ltd Vs ITO (ITAT Bangalore)

The Income Tax Appellate Tribunal (ITAT) Bangalore recently issued a significant ruling in the case of Sullia Taluk Women’s Multipurpose Cooperative Society Ltd vs. Income Tax Officer (ITO). This ruling pertains to the applicability of Section 80P(2)(a)(i) of the Income Tax Act, which grants deductions to cooperative societies. The primary issue at hand was whether the interest income earned from credit facilities extended to both regular and nominal/associate members qualifies for this deduction.

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