ITAT Jaipur Allows Section 80P Deduction on Interest Income

ITO Vs Hitkari Vidyalaya Sahkari Shiksha Samiti Limited (ITAT Jaipur) In the case of ITO Vs. Hitkari Vidyalaya Sahkari Shiksha Samiti Limited, ITAT Jaipur reviewed the dispute over the applicability of Section 80P(2)(d) of the Income Tax Act. The Revenue contested the deletion of a disallowance by the CIT(A) concerning Rs. 1,45,12,666/-, arguing that interest income, despite being from a cooperative society operating as a bank, did not qualify for deduction under Section 80P(2)(d). The case hinged on whether such interest income fell under the exemption provided for primary agricultural credit...