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 f

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