Section 80P(2)(a)(i) deductions allowed on interest from nationalized bank deposits to Co.op. Credit societies

Subordinate Engineers Association MSEB Co.op. Credit Society Ltd Vs ITO (ITAT Pune) Introduction: The Income Tax Appellate Tribunal (ITAT) Pune recently delivered a crucial verdict concerning deductions on interest income earned from deposits with nationalized banks, as per Section 80P(2)(a)(i) of the Income-tax Act, 1961. This verdict stemmed from the case Subordinate Engineers Association MSEB Co.op. Credit Society Ltd Vs ITO. Analysis: The appeal by the assessee arose from the denial of a deduction claim on the interest income of Rs.5,16,876/- earned from Oriental Bank Ltd., a nationalized ...