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Deduction u/s 80P(2)(a)(i) was allowable on interest income from surplus funds in Bank Deposits
Case Law Details
- Case Name
- Nimshaskiya Madhyanik Shaley Karamchari Sahakari Sanstha Ltd Vs ITO (ITAT Nagar)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Nagpur
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Nimshaskiya Madhyanik Shaley Karamchari Sahakari Sanstha Ltd Vs ITO (ITAT Nagar)
Conclusion: Interest income from bank deposits is eligible for deduction under Section 80P(2)(a)(i) as the funds in the voluntary reserves which were utilized for investment by the co-operative banks were the funds generated from the banking business.
Held: Assessee-a cooperative society of teaching and non-teaching employees of Maharashtra Government Middle Schools, contested an order from CIT (Appeals), which disallowed a deduction of ₹3,27,687 claimed for interest earned on deposits in a nationalised bank. I...
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