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2019 (2) TMI 1268 - AT - Income TaxDeduction u/s 80P for interest on Bank deposits with nationalized banks - HELD THAT:- After considering the ratio laid down by the Hon’ble High Court of Delhi in Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT [2014 (9) TMI 833 - DELHI HIGH COURT] of interest accrued on surplus funds, the issue was decided in favour of assessee - direct the Assessing Officer to allow deduction under section 80P(2) of the Act on FDR interest accrued / received from the nationalized banks. However, the said deduction is not allowable on Saving Fund interest received by the assessee, if any. The grounds of appeal raised by assessee are thus, allowed.
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