ITAT Allows Section 80P Deduction on Bank FDR Interest to Co-Op Society

Aditya Urban Co–operative Credit Society Limited Vs ITO (ITAT Nagpur) The Income Tax Appellate Tribunal (ITAT), Nagpur Bench, has granted significant tax relief to Aditya Urban Co-operative Credit Society Limited, allowing a deduction of Rs. 10,14,028 on interest earned from Fixed Deposits (FDRs) with a cooperative bank for the Assessment Year 2015-16. The Tribunal’s decision overturns the orders of the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) [CIT(A)], which had denied the deduction by treating the interest as “income from other sources” and not ...