Interest Income of Co-operative Credit Societies from Credit Balances deductible u/s 80P(2)(a)(i): ITAT [Read Order]

The Hyderabad Bench Of Income Tax Appellate Tribunal (ITAT)has recently held that interest income of co-operative credit societis from credit balances deductible under section 80P(2)(a)(i) of the Income Tax Act, 1961. Assessee Tirumala Tirupati Devasthanams Employees Co Op. Credit Society is an Employees Co-operative Credit Society carrying on the business of extending the loan facilities…