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Section 80P deduction eligible on Interest from staff welfare fund & staff loan
Case Law Details
- Case Name
- Ghatal Co-operative Agriculture And Rural Development Bank Ltd. Vs ACIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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Ghatal Co-operative Agriculture And Rural Development Bank Ltd. Vs ACIT (ITAT Kolkata)
Interest from staff welfare fund, interest income from staff loan, charges for closing flexi account and fine against non-payment of R/D amount due in time are eligible for deduction u/s 80P(2)(a)(i).
Assessee has claimed deduction of interest from staff welfare fund and interest income from staff loan totaling of Rs. 98971/- and also had earned miscellaneous income for Rs. 85047/- which represent amounts received from members for giving various services i.e. charges for closing flexi accoun...
