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2024 (3) TMI 770 - AT - Income TaxDeduction u/s 80P - interest earned on deposits parked with Krishna Co-operative Central Bank Limited - contention of the Ld. AO and the Ld. DR is that interest accrued on Reserve Fund Deposits is not eligible for deduction U/s 80P - HELD THAT:- Respectfully following the decision of Vavveru Cooperative Rural Bank Ltd [2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT] and Kakateeya Mutually Aided Thrift and Credit Co-op Society Limited [2023 (9) TMI 211 - ITAT VISAKHAPATNAM] wherein held interest income should be allowed as deduction u/s. 80P(2)(a)(i), thus we are inclined to quash the order passed by the Ld.CIT(A) and allow the appeal of the assessee.
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