ITAT allows Income Tax Exemptions u/s 80P, claimed by CIDCO [Read Order]
The bench held that CIDCO does not fall under the category either of a co-operative bank or a primary co-operative bank and does not come under the purview of sub-section 4 of Section 80P
The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the appeal in favour of the assessee CIDCO and allowed income tax deduction under Section 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act. In this case, the assessee, CIDCO is an employee co-operative credit society that has been registered under the Maharashtra…
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