Section 80P deduction eligible on Interest Income on Saving Bank Account

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad)

Only issue before the Tribunal is whether the interest income  earned  by  the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the Hon’ble Supreme Court in the case of M/s Totgar’s Co-Operative Sale Society Ltd to deny the  However, I find that the said decision is distinguishable on facts and is not applicable to the facts of the case before this Tribu

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