Interest from Nationalized Banks Not Deductible under Section 80(P): ITAT Ahmedabad

State Transport Employees Co Operative Credit and Thrift Society Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that interest received by co-operative society from SBI, which is a Nationalized Bank, is not allowable as per the section 80(P) of the Income Tax Act. Accordingly, AO directed to carry out proper adjudication and verification.

Facts- During scrutiny assessment, AO observed that during the assessment proceedings the assessee claimed deduction u/s.80P of the Act, totalling to Rs.34,33,392/- which comprises of deduction under various sub section to sec

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