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ITAT Pune Allows Sec 80P Deduction; Bank Deposit Interest Eligible as Business Income
Case Law Details
- Case Name
- Aurangabad Divison Life Insurance Employees Co-op Credit Society Ltd. Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
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Aurangabad Divison Life Insurance Employees Co-op Credit Society Ltd. Vs ITO (ITAT Pune)
ITAT Pune Allows Sec 80P Deduction – Interest on Bank Deposits by Co-operative Credit Society Held Eligible as Business Income
In Aurangabad Division Life Insurance Employees Co-op Credit Society Ltd. vs ITO (AY 2020-21), the ITAT Pune allowed the assessee’s appeal and deleted disallowance of ₹35.43 lakh made by the AO by treating interest income as “income from other sources.” The society, formed by LIC employees, had claimed deduction u/s 80P(2)(a)(i) on interest earned from bank deposits maint...
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