Interest on Mandatory SLR/CRR Deposits Eligible for 80P Deduction: ITAT Bangalore

Yedamangala Vyavasaya Seva Sahakari Bank Niyamitha Vs ITO (ITAT Bangalore) Interest on Mandatory SLR/CRR Deposits Eligible for 80P Deduction – Operational Income vs Surplus Funds – ITAT Bangalore Clarifies 80P Deduction Eligibility Assessee, a primary agricultural co-operative society, filed appeals against orders of CIT(A), NFAC confirming denial of deduction u/s 80P(2)(a)(i) & alternatively u/s 80P(2)(d). Facts: Assessee declared income of ₹37,800/- after claiming deduction u/s 80P(2)(a)(i) of ₹25.68 lakh for AY 2018-19. AO observed interest income of ₹22.74 lakh from co-operat...