Interest from Urban Cooperative Banks Qualifies as Society Income: ITAT Allows 80P Deduction [Read Order]
The dispute arose when the society's claim for deduction of Rs. 17,30,372 under Section
80P(2)(d) was disallowed by the Assessing Officer
By Adwaid M S - On May 26, 2025 6:25 pm - 2 mins read
The Ahmedabad SMC Bench of the Income Tax Appellate Tribunal has ruled in favour of a cooperative credit society, holding that interest income earned from deposits in an Urban Cooperative Bank is eligible for deduction under Section 80P(2)(d) of the Income Tax Act, 1961. The appeal was filed by The Bhagyalaxmi Co-operative Credit Society Limited,…
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