Co-Operative Bank Eligible for 80P Deduction in respect of Income from Interest on Staff Welfare Fund and Staff Loans: ITAT [Read Order]

Co-Operative Bank - Deduction - Income - Interest - Staff Welfare Fund - Staff Loans - ITAT - Income Tax - Taxscan

The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has held that a co-operative bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 interest from staff welfare fund and interest from staff loan. The assessee, Ghatal Co-operative Agriculture and Rural Development Bank Ltd, is a co-operative rural bank claimed…

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