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2020 (4) TMI 435 - AT - Income TaxExemption u/s 80P(2)(a)(i) - interest income received from Axis Bank on the saving bank account maintained by the assessee as well as interest income on loan given to staff - HELD THAT:- In the present case, the assessee has earned income from the saving bank account maintained with Axis Bank. Axis Bank is not a cooperative bank, therefore, any interest income from this bank will not qualify for grant of deduction under section 80P(2)(a)(i) in view of the above judgment of STATE BANK OF INDIA (SBI) VERSUS COMMISSIONER OF INCOME TAX [2016 (7) TMI 516 - GUJARAT HIGH COURT] as well as under section 80P(2)(d) because it is not cooperative society. Similar is the position with regard to the interest income on the loans given to the staff. CIT(A) has rightly disallowed claim of the assessee for grant of exemption - Decided against assessee.
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