Interest Income earned on Fixed Deposits with Cooperative/Scheduled Bank eligible for Deduction u/s 80P(2)(a)(i) of Income Tax Act: ITAT [Read Order]

By Aparna. M - On June 17, 2023 4:30 pm - 2 mins read

Interest Income earned on - Fixed Deposits with Cooperative - Scheduled Bank eligible for Deduction - Income Tax Act - ITAT - TAXSCAN

The Pune bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income earned on fixed deposits with the cooperative /scheduled bank is eligible for deduction under Section 80P (2)(a)(i) of Income Tax Act 1961. The Assessee Jankalyan Nagari Sahakari Patsanstha Ltd. is a co-operative credit society. The Return of Income for the…

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