Co-operative Societies Eligible for Deduction u/s 80P(2)(d) of IT Act on Interest & Dividend received from Co-operative Banks and Societies: ITAT [Read Order]

Co-operative- Societies - Deduction - IT- Act - Interest-Dividend - Co-operative -Banks - Societies-ITAT-TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that co-operative societies are eligible for deduction under section 80P(2)(d) of the Income Tax Act, 1961 on interest and dividend received from co-operative banks and societies. The decision came in response to an appeal filed by the Totgars’ Co-operative Sale Society Ltd. against an order…

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