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Statutory SLR Deposits Save 80P Deduction – ITAT Bangalore Draws Clear Line Between Mandatory Funds & Idle Surplus!
Case Law Details
- Case Name
- Shanteshwar VividoddeshagalaSahakara Sangha Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Bangalore
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Shanteshwar VividoddeshagalaSahakara Sangha Vs ITO (ITAT Bangalore)
Statutory SLR Deposits Save 80P Deduction – ITAT Bangalore Draws Clear Line Between Mandatory Funds & Idle Surplus!
The Bangalore ITAT held that a co-operative credit society is entitled to deduction u/s 80P(2)(a)(i) on interest earned from deposits maintained under the statutory requirements of the Karnataka Co-operative Societies Act, 1959. The Tribunal observed that where deposits are compulsorily maintained as SLR/fluid resources, the interest earned therefrom is “attributable to” the busines...
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