Section 80P(2)(a)(i) deduction on Interest Income on Investments out of Reserve Fund

ONGC Employees Co-op Credit & Thrift Society Limited Vs ITO (ITAT Ahmedabad) The case of ONGC Employees Co-op Credit & Thrift Society Limited Vs ITO before the Income Tax Appellate Tribunal (ITAT) Ahmedabad involves the question of exemption of interest income derived from investments made out of a Reserve Fund under section 80P(2)(a)(i) of the Income Tax Act. The appellant, a Co-operative Credit Society, challenged the decision of the Commissioner of Income Tax (Appeals) (CIT(A)), who disallowed a deduction claimed under section 80P and denied the claim of proportionate expenditure. T...