Section 80P(2)(a)(i) Deduction eligible on Interest from Operational Deposits

ITO Vs Maharashtra Urban Co–operative Credit Society Ltd (ITAT Nagpur) Income Tax Appellate Tribunal (ITAT) Nagpur has dismissed a series of appeals filed by the Income Tax Officer (ITO) against the Maharashtra Urban Co-operative Credit Society Ltd. The tribunal’s decision, covering assessment years 2018-19, 2020-21, and 2022-23, upheld the Commissioner of Income Tax (Appeals) [CIT(A)] orders, confirming the society’s eligibility for deductions under Section 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, 1961. The ruling reaffirms that interest income generated from the societ...