Cooperative Society Eligible for Income Tax Deduction u/s 80P(2)(a)(i) on Bank Interest Income: ITAT [Read Order]
The ITAT distinguished the facts from prior rulings and upheld the claim for deduction, ultimately quashing the CIT(A) order that disallowed the deduction.
The Visakhapatnam Bench of Income Tax Appellate Tribunal ( ITAT )ruled that a cooperative society is eligible for an income tax deduction under Section 80P(2)(a)(i) for interest income derived from bank deposits. Lankapalli PACS Ltd,the appellant -assessee, was a Primary Agricultural Cooperative Society that provided credit to its members. During the assessment year, it earned…
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