Interest earned from nationalized banks not allowable as deduction u/s 80P

Gujarat State Co-op Agriculture and Rural Development Bank Ltd Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that deduction under Section 80P of Income Tax Act, 1961 not allowable on interest income earned from the nationalized banks.

Facts- The assessee is a cooperative society engaged in providing credit facilities to its members for agriculture and allied activities and rural development. AO denied the claimed of deduction u/s. 80P(2)(d) of the Income Tax Act on interest

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