Section 80P Deduction Available on Interest Earned from Statutory Bank Deposits: ITAT Bangalore

Bhaskara Employees Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) ITAT Bangalore Allows Deduction u/s 80P(2)(a)(i) on Interest from Statutory Investments – Section 80P to Be Interpreted Liberally – ITAT Bangalore allowed the assessee’s appeal & directed AO to grant deduction of Rs.4,70,921/- u/s 80P(2)(a)(i) on interest earned from statutory investments Assessee, a credit co-operative society of ISRO employees registered under the Karnataka Co-operative Societies Act, filed return declaring Nil income after claiming deduction of Rs.34,06,263/- u/s 80P. AO denied deduction o...