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2023 (11) TMI 1212 - ITAT AHMEDABADDeduction u/s. 80P(2)(d) - receipt of interest from S. K. District Co-op. Bank Ltd. - HELD THAT:- It is pertinent to note that the assessee earned interest on Fixed Deposits from the S. K. District Co-operative Bank Ltd. As per the decision of Hon’ble Gujarat High Court in case of Sabarkanta District Co-op. Milk Producers’ Union Ltd. [2014 (6) TMI 977 - GUJARAT HIGH COURT] the credit society is allowed deduction under Section 80P(2)(d) of the Act, if the interest on FD is earned from District Cooperative Bank. Therefore, in the present assessee’s case the same should have been considered by the CIT(A). Thus, the assessee is entitled to claim the deduction under Section 80P(2)(d) of the Act in respect of interest earned on FD from S.K. District Co-op. Bank Ltd. The appeal of the assessee is allowed.
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