AO Must Allow Interest Deduction for Cooperative Societies If Expenses Are Proven to Be Linked to Activities u/s 80P(2): ITAT [Read Order]
The tribunal observed that if the interest expense could be directly attributed to the cooperative society's eligible activities under Section 80P(2), such expenses should be allowed as a deduction.
By Franklin Joshva - On March 21, 2025 6:07 pm - 2 mins read
The Surat Bench of the Income Tax Appellate Tribunal (ITAT) held that the Assessing Officer (AO) must allow interest expenditure as a deduction for cooperative societies if the expenses were directly linked to activities covered under Section 80P(2) of the Income Tax Act, 1961. Amalsad Vibhag Vividh Karyakari Sahkari Khedut Mandli Ltd., (assessee) a cooperative…
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