Interest Income earned by Cooperative Bank on Investments made with other Cooperative Bank is eligible for Deduction u/s 80P(2)(a)(i) Income Tax Act: ITAT deletes Revision Order [Read Order]

By Aparna. M - On July 18, 2023 11:00 am - 2 mins read

Interest - Income - Cooperative - Bank - Investments - Cooperative - Bank - eligible - Deduction - ITAT - TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Pune Bench while deleting the revision order passed under Section 263 of Income Tax Act, 1961 held that interest income earned by cooperative bank on investments made with other cooperative bank is eligible for deduction under Section 80 (2)(a)(i) of Income Tax Act, 1961. Mahatma Sahakari Griha Rachana Sanstha…

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