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No section 80P deduction on interest income on investments with co-op Banks
Case Law Details
- Case Name
- Manjunatheshwara Credit Co-operative Society Limited Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-2016
- Courts
- All ITAT, ITAT Bangalore
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Manjunatheshwara Credit Co-operative Society Limited Vs ITO (ITAT Bangalore)
Conclusion: Assessee was neither entitled to deduction under section 80P(2Xd) nor under section 80P(2)(a)(i) in respect of interest income earned from investments with Cooperative Banks such interest income was to be assessed as income from other sources. AO was directed to examine whether assessee had incurred any expenditure for earning interest income, which was assessed under the head `income from other sources’. If so, the same should be allowed as deduction u/s 57.
Held: Assessee was denied the claim of deduct...
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