ITAT Allows Deduction On Credit Facilities Given By Co-operative Society To Its Members

The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 80P of the Income Tax Act on the credit facilities given by the co-operative society to its members as they were directly related to the business while deriving interest.According to the two-member bench of Suchitra Kamble (Judicial Member) and Waseem Ahmed (Accountant Member),...