Interest Income of Farmers Services Co-operative Society from Fixed Deposits in Union Bank of India deductible u/s 80P (2)(a)(i): ITAT [Read Order]

By Aparna. M - On May 5, 2023 8:00 am - 2 mins read

Interest Income - Farmers Services Co-operative Society - Services Co-operative Society - Fixed Deposits - Union Bank of India - ITAT - Taxscan

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) recently held that interest income of Farmers service co-operative society from fixed deposits in Union Bank of India is deductible under Section 80P(2)(a)(i) of Income Tax Ac , 1961. Assessee Ghatkesar Farmers Service Cooperative Society Limited is a farmers services cooperative society. While processing return of…

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