ITAT Pune Allows Sec 80P Deduction; Bank Deposit Interest Eligible as Business Income

Aurangabad Divison Life Insurance Employees Co-op Credit Society Ltd. Vs ITO (ITAT Pune) ITAT Pune Allows Sec 80P Deduction – Interest on Bank Deposits by Co-operative Credit Society Held Eligible as Business Income In Aurangabad Division Life Insurance Employees Co-op Credit Society Ltd. vs ITO (AY 2020-21), the ITAT Pune allowed the assessee’s appeal and deleted disallowance of ₹35.43 lakh made by the AO by treating interest income as “income from other sources.” The society, formed by LIC employees, had claimed deduction u/s 80P(2)(a)(i) on interest earned from bank deposits maint...