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Interest From Co-op Banks Counts as Business Income: Section 80P Deduction Granted
Case Law Details
- Case Name
- Nandini Credit Co-operative Society Limited Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Bangalore
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Nandini Credit Co-operative Society Limited Vs ITO (ITAT Bangalore)
Divergent HC Views? Tribunal Chooses One Favorable to Assessee- Interest From Co-op Banks Attributable to Business: 80P(2)(a)(i) Allowed
Assessee, a credit co-op society, claimed full deduction u/s 80P(2)(a)(i) on interest earned from deposits with Co-operative Bank & District Central Co-operative Bank. AO treated such interest as “income from other sources” relying on Totgars (Karnataka HC 16.06.2017) & allowed only partial deduction; CIT(A)-NFAC upheld disallowance of ₹8,98,286.
Tribunal noted ...
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