S. 80P(2) Deduction Disallowed for Lack of License: ITAT Remands Matter on Deduction claim on Co-operative bank Interest Income [Read Order]
The tribunal directed the AO to ascertain whether the cooperative banks from which the assessee earned interest income held a license under Section 22 of the Banking Regulation Act, 1949, to determine the eligibility for the deduction.
The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has remanded a case involving the disallowance of deductions under Sections 80P(2)(d) and 80P(2)(a)(i) of the Income Tax Act to the Assessing Officer (AO) for fresh verification. M/s Gobichettipalayam Rev Dev VAO & VA T&C Society Ltd. (assessee), a cooperative society filed appeals for Assessment…
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