Interest on Bank Deposits Eligible for Section 80P: ITAT Pune

Shiddhanath Nagari Sahakari Patsanstha Maryadit Vs ITO (ITAT Pune) Pune ITAT Slams Revenue for Denying Wrong Deduction: Interest from Bank Deposits Eligible for Section 80P(2)(a)(i) The Pune ITAT allowed the appeals of a co-operative credit society and held that interest earned from deposits placed with banks by a co-operative credit society engaged in providing credit facilities to its members remains eligible for deduction under Section 80P(2)(a)(i). The Tribunal also criticized the authorities for denying a deduction under a provision which the assessee had never claimed. The assessee, a co...