Deduction of Interest Income under Section 80P(2)(a)(i)

Jankalyan Nagari Sahakari Patsanstha Ltd Vs ITO (ITAT Pune) In a recent judgment that has brought a sigh of relief to cooperative societies across India, the Income Tax Appellate Tribunal (ITAT), Pune, has ruled in favour of the appellant, Jankalyan Nagari Sahakari Patsanstha Ltd., in its dispute against the Income Tax Officer (ITO). The tribunal’s ruling emphasized the eligibility of interest income from Fixed Deposits with Cooperative/Scheduled Banks for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. This ruling is particularly significant given the contradictory ver...