https://www.taxtmi.com/caselaws?id=352610 The Income Tax Appellate Tribunal (ITAT) allowed the Cooperative Credit Society's appeal, holding that interest income on deposits with a nationalized bank is eligible for deduction under section 80P of the Income Tax Act. Despite conflicting decisions, the ITAT followed the jurisdictional High Court's precedent favoring the assessee and directed the Assessing Officer to permit the deduction. The ITAT rejected the Revenue's argument and emphasized that the nature of the deposits was not specified in the assessment order, thus upholding the assessee's position. en-us Fri, 15 Dec 2017 00:00:00 +0530 Mon, 18 Dec 2017 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352610 The Income Tax Appellate Tribunal (ITAT) allowed the Cooperative Credit Society's appeal, holding that interest income on deposits with a nationalized bank is eligible for deduction under section 80P of the Income Tax Act. Despite conflicting decisions, the ITAT followed the jurisdictional High Court's precedent favoring the assessee and directed the Assessing Officer to permit the deduction. The ITAT rejected the Revenue's argument and emphasized that the nature of the deposits was not specified in the assessment order, thus upholding the assessee's position. Case-Laws Income Tax Fri, 15 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352610