ITAT allows Income Tax Sec.80P Deduction to Co-operative Society on Interest Earned from Co-operative

The Income Tax Appellate Tribunal (ITAT) allowed a cooperative society to claim Sec 80P deduction on interest earned from a cooperative bank. The tribunal held that interest income from such sources qualifies for deduction under the Income Tax Act, benefiting cooperative societies. This decision aligns with the legislative intent to promote cooperative movements and their financial sustainability. Such rulings provide clarity on tax benefits available to cooperative societies, ensuring compliance with tax regulations while supporting their financial activities.