Interest paid in respect of interest income attributable u/s. 80P(2) is allowable

Amalsad Vibhag Vividh Karyakari Sahkari Khedut Mandli Ltd. Vs PCIT (ITAT Surat) ITAT Surat held that interest paid in respect of business profit attributable to section 80P(2) of the Income Tax Act is allowable. Accordingly, AO directed to consider direct nexus of interest paid with interest income attributable under section 80P(2). Facts- The assessee, a co-operative society (AOP), filed its return of income (ROI) for the AY 2018-19 on 29.09.2018 declaring “nil” income after claim of deduction u/s 80P under Chapter VI-A of Rs.1,46,60,327/-. PCIT noticed that assessee had received gross in...