SC – Admits 'credit' co-operative society’s SLP on Sec 80P deductibility on interest-income from surplus funds

Nov 29,2016

SC grants leave to appeal in respect of SLP filed by SBI employees co-operative society (‘assessee’) against the Gujarat HC judgement; HC had  denied Sec 80P deduction to assessee (engaged in providing credit facilities to its members) on  interest–income earned from investing surplus funds with State Bank of India during AY 2010-11; Noting that assessee was merely engaged in providing credit facilities to its members and not in banking business, w...

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