Catholic Urban Co-operative Credit Society Ltd. v. ITO

INCOME TAX ACT, 1961

--Deduction under section 80P--Co-operative banking societyInterest from bank deposits--Held: Following the decision of Tribunal in the case of ITO v. Niphad Nagari Sahakari Patshanshta Ltd. (ITA No. 1336/PN/2011, Order dt. 31-7-2013), assessee was entitled to deduction under section 80P(2)(a)(i) in respect of interest on the fixed deposits from the bank, other than co-operative society and interest on saving bank account with a co-operative bank, as the same were part of its business income.

Income Tax Act, 1961, Section 80P(20(a)(i)

INCOME TAX ACT, 1984

--Deduction under section 80P--Co-operative banking society Treatment of dividend income--Held: Following the decision of Tribunal in the case of Veejmandal's Workers Federation Sahakari Patsanstha Maryadil Sindhudurg v. ITO (ITA No. 29/PN/2014 dated 24-12-2014), the dividend income was deductible under section 80P(2)(d).