Denial of exemption u/s 80P(2)(d) in respect of interest income earned from Co-operative banks

Last updated: 03 August 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns a credit co-operative society's appeals regarding the denial of exemption under Section 80P(2)(d) for interest earned from co-operative banks. The Assessing Officer rejected the claim, citing the society's dealings with nominal members and relying on Supreme Court and Karnataka High Court decisions. The society also sought deductions for commission income on e-stamp sales.

Court :
ITAT Bangalore

Brief :
These are appeals by the assessee against two orders both dated 29.11.2019 of CIT(A)-5, Bengaluru, relating to Assessment Years 2015-16 and 2016-17.

Citation :
ITA 163/BANG/2020

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