Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2024 (3) TMI 536 - AT - Income TaxDisallowance of deduction claimed u/s 80P(2)(a)(i) - assessee had received interest income from fixed deposits kept with Nationalized Banks - HELD THAT:- We observed that the issue is covered by ITAT Pune Bench’s order in the case of Sumitra Gramin Bigar Sheti Sahakari Pat Sanstha Maryadit Mahaveer Path [2019 (1) TMI 1994 - ITAT PUNE] which has decided the same issue in favour of assessee. The Hon'ble Madras High Court in the case of Thorapadi Urban Co-operative Credit Society Ltd. [2023 (11) TMI 779 - MADRAS HIGH COURT] held that the assessee was eligible for deduction under section 80P(2)(d) of the Act on the Interest Received from Co-operative Banks. No direct decision of the Hon'ble Jurisdictional High Court has been brought to our notice. Therefore, respectfully following the above precedent and adopting the detailed reasoning above, we direct the Assessing Officer to allow deduction under section 80P(2) of the Act for the impugned income - Decided in favour of assessee.
|