Section 80P Deduction not eligible on FDR Interest from Bank of Baroda: ITAT Ahmedabad

Matar Taluka Local Board Teachers Co-operative Credit Society Ltd.  Vs DCIT (ITAT Ahmedabad)

Introduction: In a significant ruling by the Income Tax Appellate Tribunal (ITAT) Ahmedabad, in the case of Matar Taluka Local Board Teachers Co-operative Credit Society Ltd. Vs DCIT, it was decided that deductions under Section 80P of the Income Tax Act, 1961, do not apply to interest earned on Fixed Deposit Receipts (FDRs) from the Bank of Baroda. This decision, passed on 15th December 2023, marks a critical inter

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