Interest Income from Deposits with Co-operative Banks qualifies for Deduction u/s 80P(2)(d) of Income Tax Act: ITAT [Read Order]

The tribunal denied the deduction for interest from the savings account with Axis Bank, following precedent that only interest from co-operative banks is eligible for deduction
By Sneha Sukumaran Mullakkal - On September 22, 2024 4:15 pm - 2 mins read
ITAT - ITAT Ahmedabad - Income Tax Appellate Tribunal - Interest Income - Interest Income from Deposits - Co-operative Banks - Income Tax Act - under Section 80P(2)(d) of the Income Tax Act - ITAT news - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that interest income earned from deposits with co-operative banks qualifies for a deduction under Section 80P(2)(d) of the Income Tax Act,1961. The decision aligns with previous rulings that allow such deductions, emphasizing that only interest from co-operative banks, not scheduled banks, is eligible…

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