Interest/Dividend Income out of Investments with Co-operative Society is Eligible for Deduction u/s 80P(2) of Income Tax Act: ITAT [Read Order]
The interest earned from the credit activities of the assessee to its members including nominal / associate is allowable under Section 80P (2)(a)(i ) of the Income Tax Act, 1961
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that interest / dividend income out of investments with co-operative society is eligible for deduction under Section 80P(2) of Income Tax Act, 1961. The assessee M/s. The Karnataka State Co-operative Agriculture and Rural Development Bank Ltd. earned interest from investments in cooperative…
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