Interest & Other Income Attributable to Business eligible for Section 80P(2)(a)(i) Deduction

Lalitamba Pattina Souharda Sahakari Niyamita Vs ITO (Karnataka High Court) Karnataka High Court has set aside the Income Tax Appellate Tribunal’s (ITAT) decision in the case of Lalitamba Pattina Souharda Sahakari Niyamita v. ITO and remanded the matter to the Assessing Officer (AO) for reconsideration. The case pertains to the denial of deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961, on interest income earned from fixed deposits by a cooperative society. The court noted that the Tribunal failed to distinguish between deductions under Sections 80P(2)(a)(i) and 80P(2)(d) and ...