Deduction u/s 80P of Income Tax Act shall not be allowed on Interest Income earned from Nationalized Banks: ITAT upholds CIT(A) Order [Read Order]

By Aparna. M - On July 13, 2023 9:00 am - 2 mins read

Deduction - Income Tax Act shall not be allowed on Interest Income earned from Nationalized Banks - ITAT Upholds CIT(A) order - TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench while upholding the order of Commissioner of Income Tax (Appeal) held that deduction under Section 80P of Income Tax Act, 1961 should not be allowed on interest earned from nationalized banks. The assessee Gujarat State Co-op Agriculture and Rural Development Bank Ltd is a cooperative society engaged…

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Topics

Commissioner of Income Tax (Appeals)deduction Income Tax Act Interest Income ITAT ITAT Ahmedabad State Bank of India