ITAT Bangalore remands case on interest income deduction u/s 80P(2)(a)(i) to AO

Naragund Taluka Prathamika Shiksa Shiksakiyar Co-op. Credit Society Ltd. Vs ITO (ITAT Bangalore) Income Tax Appellate Tribunal (ITAT) Bangalore recently ruled on the case of Naragund Taluka Prathamika Shiksa Shiksakiyar Co-op. Credit Society Ltd. Vs ITO, concerning the eligibility of interest income for deduction under Section 80P(2)(a)(i) of the Income Tax Act. The assessee, a co-operative credit society, had filed its return claiming the deduction, but the Assessing Officer (AO) disallowed Rs. 3,09,103/- of interest income, categorizing it as income from other sources. Additionally, a comput...