Interest on Savings Bank Eligible u/s 80P(2)(a)(vi) – Totgars Distinguished: ITAT Chennai

Irula Snake Catchers Industrial Co-operative Society Ltd. Vs ITO (ITAT Chennai) Interest on savings bank eligible for U/s 80P(2)(a)(vi) – Totgars distinguished; deduction allowed to labour-based co-op society – ITAT Chennai In Irula Snake Catchers Industrial Co-operative Society Ltd. vs ITO (A.Y. 2020-21), the AO treated ₹1.21 lakh interest from savings bank account as “income from other sources” and denied deduction u/s 80P, relying on Totgars Co-operative Sale Society Ltd. The CIT(A) confirmed the disallowance. The ITAT noted that the assessee was a labour-oriented co-operative soc...