Interest Income Earned from Scheduled Banks would not be Entitled to Deduction Under Section 80P(2)(a)(i) of Income Tax Act: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) held that the interest income earned from the scheduled banks would not be entitled to deduction under section 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act,1961.  Uppinangady Catholic Multipurpose Co-operative Society, the appellant assessee was a credit co-operative society registered under the Karnataka Co-operative Societies…