Interest Income by Cooperative Society on Deposits of Surplus Funds Eligible for Deduction u/ss 80P(2)(a)i) and 80P(2)(d) of Income Tax Act: ITAT [Read Order]

By Shabna Rahim - On June 13, 2023 3:30 pm - 2 mins read

Interest Income - Interest Income by Cooperative Society - Cooperative Society - Cooperative Society on Deposits - Deposits - Surplus Funds - Funds - Deduction - Income Tax Act - ITAT - Income Tax - taxscan

The Pune bench of the Income Tax Appellate Tribunal ( ITAT) held that the Interest income earned by the cooperative society on deposits of surplus funds by the scheduled banks is eligible for the deduction under section 80P(2)(ai) and Section 80P(2)(d) of the Income Tax Act,1961. Kai Fakira Jairam Patil, the appellant assessee was a…

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