Deduction u/s. 80P(2)(d) not available on interest from savings bank account in co-operative bank

Karumandurmedu MPCS Ltd Vs DCIT (ITAT Chennai)

ITAT Chennai held that interest earned out of savings bank account maintained in a co-operative bank cannot be treated as income or dividend from investment and accordingly deduction u/s. 80P(2)(d) of the Income Tax Act not eligible.

Facts- The assessee claimed deduction under section 80P(2)(d) of the Income Tax Act, 1961 of ₹.1,72,880/- earned as interest income received from Co-operative Bank out of which ₹.1,58,273/- is from FDs and ₹.14,607/- from saving account and others. The Assessing Officer CPC di

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