Interest from deposits made in compliance with statutory requirement is eligible for deduction u/s. 80P(2)(a)(i)

Siddhartha Pattina Sahakari Sangha Niyamita Vs ITO (ITAT Bangalore) ITAT Bangalore held that the assessee is entitled to deduction under Section 80P(2)(a)(i) of the Income Tax Act on the interest income earned from deposits made in compliance with statutory requirements. Accordingly, appeal of the assessee allowed. Facts- The assessee is a cooperative society registered under the Karnataka Co-operative Societies Act engaged in the business of providing credit facilities to its members. The assessee for the year under consideration has shown the net profit of Rs. 14,98,578/- and the same was cl...