Interest on Surplus Bank Deposits Eligible for Section 80P(2)(a)(i) Deduction: ITAT Kolkata

Advertisement Nimdasbar S K U S Limited Vs ITO (ITAT Kolkata) The ITAT Kolkata allowed the assessee’s appeals for AYs 2020-21 and 2018-19, holding that interest earned on surplus funds deposited with co-operative banks and scheduled banks by a credit co-operative society qualified for deduction under Section 80P(2)(a)(i) of the Income-tax Act, 1961. The assessee, a credit co-operative society engaged in providing credit facilities to its members, filed its return claiming deduction under Section 80P(2)(a)(i) in respect of interest income of ₹92,82,955 earned from deposits and investment...