ITAT Allows Section 80P Deduction for Kerala University Co-op Society’s Bank Interest Income

The ITAT has allowed a Section 80P deduction for a Kerala University Co-operative Society's bank interest income. Section 80P provides deductions for certain income of co-operative societies. The tribunal's decision confirms that the society's income from interest earned on deposits with banks qualifies for this deduction. This ruling supports co-operative societies by clarifying the scope of permissible deductions under Section 80P, thereby reducing their tax burden.