Section 80P(2)(d) Deduction Allowed for Interest from Co-operative Bank Deposits

Salestax Employees Co- Operative Credit Society Ltd. Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held that interest income earned from deposits with Co­operative Banks shall be allowed as deduction u/s 80P(2)(d) of the Income Tax Act.

Facts- The case of the assessee was selected by Revenue for framing limited scrutiny assessment under CASS. Statutory notices u/s. 143(2) and u/s. 142(1) were issued by the AO. During the course of assessment proceedings, the A.O. observed from the perusal of income and expenditure account as well as reply filed b

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