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Interest from Co-op Investments Eligible for 80P Deduction, Not from Scheduled Banks
Case Law Details
- Case Name
- Mahaveera Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Bangalore
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Mahaveera Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore)
ITAT Bangalore on 80P Deduction: Interest from Co-op Investments Eligible, Not from Scheduled Banks
Assessee, Mahaveera Credit Co-op Society Ltd., Mangaluru, a credit co-operative society registered under the Karnataka Co-op Societies Act, filed its return for AY 2020-21 declaring gross total income of ₹26.99 lakh and claimed the entire amount as deduction u/s 80P(2)(a)(i).
During scrutiny, AO noticed that the assessee had earned ₹13.80 lakh interest on investments, included in the 80P(2)(a)(i) claim. AO disallowed the same...
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