Interest Income earned from Deposits made on other Cooperatives Banks are eligible for deduction u/s 80P(2)(d) of Income Tax Act: ITAT [Read Order]

Interest- income- earned - Deposits - Cooperatives -Banks - eligible - deduction - TAXSCAN

The Income Tax Appellate Tribunal (ITAT) Bangalore Bench held that Interest income earned from deposits made on other cooperative banks are eligible for deduction under section 80(2)(d) of Income Tax Act, 1961. Assessee,  BEE Co-op Credit Society Ltd.is a society filed its return of income nil after claiming exemption under Section  80P of the Income…

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