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Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The assessee, being a primary agricultural credit cooperative society registered under the Kerala Co-operative Societies Act, is eligible for deduction u/s 80P. Interest earned from investments in cooperative banks is assessable as 'income from other sources' and eligible for deduction u/s 80P(2)(d). However, interest earned from treasury/commercial banks is not eligible for deduction u/s 80P. Interest and dividends received from entities registered under the Cooperative Societies Act, though income from other sources, are eligible for deduction u/s 80P(2)(d). The ITAT decided in favor of the assessee, rejecting the Revenue's contention that the interest income is not eligible for deduction u/s 80P(2)(d).
Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The assessee, being a primary agricultural credit cooperative society registered under the Kerala Co-operative Societies Act, is eligible for deduction u/s 80P. Interest earned from investments in cooperative banks is assessable as 'income from other sources' and eligible for deduction u/s 80P(2)(d). However, interest earned from treasury/commercial banks is not eligible for deduction u/s 80P. Interest and dividends received from entities registered under the Cooperative Societies Act, though income from other sources, are eligible for deduction u/s 80P(2)(d). The ITAT decided in favor of the assessee, rejecting the Revenue's contention that the interest income is not eligible for deduction u/s 80P(2)(d).
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