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Interest from co-operative bank eligible for deduction u/s. 80P(2)(d): ITAT Kolkata
Case Law Details
- Case Name
- DCIT Vs Bongaon Co Operative Credit Society Limited (ITAT Kolkata)
- 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 Kolkata
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DCIT Vs Bongaon Co Operative Credit Society Limited (ITAT Kolkata)
ITAT Kolkata held that CIT(A) rightly allowed interest earned from a co-operative bank as eligible for deduction under section 80P(2)(d) of the Income Tax Act. Accordingly, appeal filed by revenue dismissed.
Facts- AO essentially made two additions on account of interest income received (Rs. 35,63,552/-) and as unexplained cash credit on account of sums deposited in cash by the appellant during the demonetisation period (Rs. 1,25,19,600/-).
CIT(A) deleted the addition on account of unexplained cash credit and g...
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