Interest from nationalized banks not eligible for Section 80P(2)(a)(i) deduction 

Balwa Group Coop Vs ITO (ITAT Ahmedabad) Income Tax Appellate Tribunal (ITAT) Ahmedabad heard an appeal filed by Balwa Group Cooperative Society against an order by the National Faceless Appeal Centre (NFAC), Delhi, concerning assessment year 2018-19. The society, a credit cooperative, had declared nil income in its return, which was later selected for scrutiny. A key point of contention was the society’s claim for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961, for interest income received from various banks, including nationalized banks. The Assessing Officer disallow...