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2018 (1) TMI 1432 - AT - Income TaxEntitlement to deduction u/s 80P(2)(a)(i) - income of the society on account of interest from banks other than Co-operative Banks - Held that:- The said issue is squarely covered by the order of the Tribunal in ITO Vs. Niphad Nagari Sahakari Patsanstha Ltd. [2015 (1) TMI 1004 - ITAT PUNE] wherein the Tribunal had held that the assessee is entitled to claim deduction under section 80P(2)(a)(i) of the Act on the interest income received by it on bank fixed deposits. As decided in Tumkur Merchants Souhards Credit Cooperative Ltd. Vs. ITO [2015 (2) TMI 995 - KARNATAKA HIGH COURT] interest earned from short term deposits with the bank was entitled to deduction under section 80P(2)(a)(i) of the Act - Decided in favour of assessee.
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