Interest Earned from Savings Account in Co-operative Bank cannot be treated as Income or Dividend from Investment: ITAT [Read Order]
Considering the interest earned from a savings account cannot be treated as income, ITAT disallowed deduction
By Kavi Priya - On October 4, 2024 5:52 pm - 2 mins read
The Chennai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest earned from savings accounts in a Co-operative bank cannot be treated as income or dividends from investments. Karumandurmedu MPCS Ltd., the assessee claimed a deduction under section 80P(2)(d) of the Income Tax Act, 1961, for the assessment years 2020-21 and 2021-22….
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