Relief to Indian Oil Employees Welfare: ITAT rules Interest Income to Cooperative Society from Investment with any Other Cooperative Society Deemed allowable u/s 80P [Read Order]
The lower authorities allow the deduction to the assessee on interest income earned from various cooperative banks under Section 80P(2)(d) of the Income Tax Act
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that interest income to a cooperative society from investments with any other cooperative society is deemed allowable under Section 80P, providing relief to Indian Oil employees’ welfare. The issue to be decided was whether the assessee Indian oil employees welfare cooperative societies…
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