Section 80P(2)(a)(i) Deduction under income Tax Act allowable on Interest Income from Mandatory Co-op Bank Investments under State Societies Act : ITAT [Read Order]

Interest income received on investments made under compulsion under the relevant Act and the Rules is entitled to deduction under section 80P (2)(a)(i) of the Income Tax Act
By Aiswarya Krishnadas - On March 13, 2024 10:00 pm - 2 mins read
Income Tax Act - Deduction under income Tax Act - Cooperative Bank Investments - State Societies Act - ITAT - Taxscan

In a recent decision, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) determined that under Section 80P of the Income Tax Act, 1961, interest income from investments in cooperative society banks is eligible for deduction, provided such investments are obligatory under the Karnataka State Societies Act, 1959. The petitioner, a cooperative…

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