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Interest Income of Co-Operative Bank on deposits with Co-operative Bank not eligible for Deductoion U/s. 80P
Case Law Details
- Case Name
- Mutholy Service Co-Operative Bank Ltd Vs The Income Tax Officer (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010- 11
- Courts
- All ITAT, ITAT Cochin
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In the present case, we find that the assessee has earned interest income on fixed deposits made by the assessee with sub-treasury, Meenachili, Kadappattoor and SBI Pala totaling Rs. 20,21,909/- and the interest income earned on the surplus funds of the assessee cannot be considered as business income so as to be entitled for deduction u/s. 80p(2)(a)(i) of the I.T. Act. Further, we came across the decision of the coordinate Bench of this Tribunal in the case of Aryad Block Small Scale Coir Fibre Mats Manufacturers Co-operative Society Ltd., in I.T.A. No.787/Coch/2013 vide order dated 14.8.20...
assessee is a co operative society.interest from fixed deposits which are deposited in its central society i.e. district co operative bank.here if the assesse is eligible for deduction under section 80P(2)(d)?