Co-operative Society’s Interest Income from Mandatory Deposits in Co-operative Banks Eligible for Section 80P Deduction.
Co-operative Society’s Interest Income from Mandatory Deposits in Co-operative Banks Eligible for Section 80P Deduction. Issue: Whether interest income earned by a co-operative society from mandatory deposits made with co-operative banks, as required by the Karnataka Co-operative Societies Act, is eligible for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. Facts: For assessment years… Read More »