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80P(2)(a)(i) Deduction on Bank Interest Upheld – Totgars Distinguished: ITAT Chennai
Case Law Details
- Case Name
- ITO Vs Railway Employees Co-operative Credit Society Limited (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Chennai
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ITO Vs Railway Employees Co-operative Credit Society Limited (ITAT Chennai)
80P(2)(a)(i) deduction on bank interest upheld – Totgars distinguished; Revenue appeals dismissed – ITAT Chennai
In ITO vs Railway Employees Co-operative Credit Society Ltd. (A.Ys. 2017-18 & 2018-19), the AO denied deduction u/s 80P(2)(a)(i) on interest income of ₹6.72 crore earned from deposits with co-operative and commercial banks, treating it as “Income from Other Sources”. The CIT(A) allowed the claim following earlier Tribunal orders in assessee’s own case.
The ITAT noted that the issue was alread...
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