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2022 (12) TMI 1318 - AT - Income TaxDeduction u/s 80P - interest income from deposits made in cooperative banks - HELD THAT:- As relying on Belgaum Coal & Coke Consumer Cooperative Association Ltd [2021 (11) TMI 1121 - ITAT PANAJI] we hold that the interest income earned by the appellant society on investment made with the cooperative bank which are also cooperative societies is exempt from the Income Tax Act u/s 80P(2)(d) - Therefore, we hold that the lower authorities was not justified in denying the claim of deduction u/s 80P(2)(d) of the Act. Accordingly, we direct the AO to allow the same as deduction u/s 80P(2)(d) - Appeal of assessee allowed.
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