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Section 80P Deduction Eligible on NSC & Govt-Directed FD Interest
Case Law Details
- Case Name
- Katwa-Kalna Co-Operative Agriculture Vs ITO (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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Katwa-Kalna Co-Operative Agriculture Vs ITO (ITAT Kolkata)
The Katwa-Kalna Co-Operative Agriculture society appealed against a previous decision disallowing a tax deduction under Section 80P(2)(a)(i) on the grounds that its interest income from fixed deposits was taxable under ‘income from other sources’ rather than derived from business activities. The co-operative society argued that these deposits were made to comply with the West Bengal Cooperative Societies Act provisions, making the interest income a part of their business income and eligible for deduction.
Upon hearing the a...
