S.80P(2)(d) Exclusion on Fixed Deposit Interest has to be considered u/s 57 of Income Tax: ITAT directs AO to Reassess Matter [Read Order]

The decision was made after the tribunal condoned the delay in filing the appeals, allowing the matter to proceed for reassessment

By Sneha Sukumaran Mullakkal - On September 3, 2024 2:27 pm - 2 mins read

ITAT - ITAT bangalore - Fixed Deposit - Fixed Deposit Interest - Assessing Officer - Section 80P(2)(d) - taxscan

The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) has directed the Assessing Officer (AO) to reassess the fixed deposit interest claims of Tungabhadra Credit Co-operative Society, emphasizing that the exclusion under Section 80P(2)(d) must be considered alongside Section 57 of the Income Tax Act, 1961. The case arose after the Tungabhadra…

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