Income from Surplus Funds in Bank Deposits Eligible for Deduction u/s 80P(2)(a)(i) of Income Tax: ITAT [Read Order]

The Tribunal referred to previous rulings, including one from the Nagpur Bench, which affirmed that interest income earned by cooperative societies from bank deposits does qualify for deductions under Section 80P
By Navasree A.M - On October 9, 2024 1:54 pm - 2 mins read
ITAT - Income Tax Appellate Tribunal - Section 80P(2)(a)(i) - Section 80P(2)(a)(i) Income Tax Act - Income Tax - Income Tax News - Tax news - TAXSCAN

The Income Tax Appellate Tribunal ( ITAT ) has ruled that the interest income from bank deposits is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The appellant, Nimshaskiya Madhyanik Shaley Karamchari Sahakari Sanstha Ltd, a cooperative society of teaching and non-teaching employees of Maharashtra Government Middle Schools, contested an order…

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