Section 80P Deduction Allowed on FDR Interest Due to Investment with Cooperative Banks

Deoband Cooperative Cane Development Union Ltd. Vs AO (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, adjudicated an appeal filed by the assessee for Assessment Year 2022–23 against the order of the Commissioner of Income Tax (Appeals)/NFAC dated 24.09.2025. The central issue in the appeal concerned the denial of deduction under Section 80P of the Income Tax Act on interest income earned from Fixed Deposit Receipts (FDRs). During the proceedings, it emerged that the lower authorities had disallowed the assessee’s claim for deduction under Section 80P on the interest income de...