Interest Income from Fixed Deposit of Co-operative Society made during course of business eligible for Deduction u/s 80P(2)(a)(i) of Income Tax Act : ITAT

By Aparna. M - On May 9, 2023 6:00 pm - 2 mins read

Interest Income from Fixed Deposit of Co-operative Society - Fixed Deposit of Co-operative Society - Co-operative Society - Fixed Deposit - Interest Income - business - Deduction - Income Tax Act - ITAT - taxscan

The Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income from fixed deposits of co-operative society made during the course of business is eligible for deduction under Section 80P(2)(a)(i) of Income Tax Act, 1961. Somak Basu, counsel appeared for the assessee. Vijay Kumar, counsel appeared for the revenue. Assessee-Rifle Factory…

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