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Deduction u/s. 80P(2)(d) allowable towards interest from deposits with co-op banks
Case Law Details
- Case Name
- Bhagyoday Sharafi Sahakari Mandli Ltd Vs ITO (ITAT Ahmedabad)
- 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 Ahmedabad
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Bhagyoday Sharafi Sahakari Mandli Ltd Vs ITO (ITAT Ahmedabad)
ITAT Ahmedabad held that interest income earned from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, the appeal is allowed.
Facts- The assessee is a Cooperative Society engaged in the business of providing credit facilities to its members on which it earned and incurred interest income from banks and members. For the Asst. year 2017-18, assessee filed its Return of Income on 30-10-2017 declaring total income of Rs.31,291/-. The return was taken for scrutiny asses...
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