Taxpayer earns Interest/Dividend Income out of Investments with Co-Operative Society, Entitles to 80P Deduction of Income Tax Act: ITAT [Read Order]

The issue was restored to the file of AO for de-novo consideration, where the taxpayer, earning interest and dividend income from investments with a co-operative society, was entitled to a deduction under Section 80P (2)(d) of the Income Tax Act, 1961
Income tax - Income tax act - Co Operative Society - Investment Tax Deduction - Tax Benefits - taxscan

The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) restored to the Assessing Officer the case where the taxpayer, earning interest and dividend income from investments with a co-operative society, was entitled to a deduction under Section 80P (2)(d) of the Income Tax Act, 1961. The assessee, Kotekar Vyavasaya Seva Sahakara Sangha…

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