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Interest on Bank Deposits Allowed as 80P Deduction Due to Business Nexus
Case Law Details
- Case Name
- Thermal Engineers Co-Op Credit Society Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
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Thermal Engineers Co-Op Credit Society Vs ITO (ITAT Pune)
Interest on Bank Deposits Attributable to Credit Business Eligible for Section 80P — ITAT Pune Allows Deduction
The Pune SMC Bench of the ITAT allowed the appeal of Thermal Engineers Co-operative Credit Society for AY 2018-19, holding that interest income of ₹43.10 lakh earned from fixed deposits with Bank of Maharashtra is eligible for deduction under section 80P(2)(a)(i).
Key takeaways from the ruling:
Undisputed nature of assessee: The assessee is a credit co-operative society whose principal business is providi...
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