Tribunal Supports Cooperative Society's Tax Deduction Claim for Bank Investments u/s 80P(2)(a)(i.

Disallowance of deduction claimed u/s 80P - interest and dividends received from investments made with DCCB - The appellate tribunal, in its detailed analysis, upheld the assessee's contention and allowed the appeal. It ruled that the income earned by the cooperative society from its investments in District Cooperative Central Bank qualified for deduction under section 80P(2)(a)(i) of the Income Tax Act. .....

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