https://www.taxtmi.com/caselaws?id=413228 The Appellate Tribunal ITAT Ahmedabad rectified an apparent error in its order regarding the computation of deduction under section 80P(2)(d) of the Income Tax Act, 1961 for interest income from cooperative societies. The Tribunal revised its decision to consider gross interest income instead of net interest income for the deduction calculation, aligning with the interpretation established by the Hon'ble Gujarat High Court. This clarification ensures consistent application of the law in similar cases, emphasizing the importance of granting deduction for the entire interest income derived from cooperative societies. en-us Tue, 05 Oct 2021 00:00:00 +0530 Fri, 22 Oct 2021 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413228 The Appellate Tribunal ITAT Ahmedabad rectified an apparent error in its order regarding the computation of deduction under section 80P(2)(d) of the Income Tax Act, 1961 for interest income from cooperative societies. The Tribunal revised its decision to consider gross interest income instead of net interest income for the deduction calculation, aligning with the interpretation established by the Hon'ble Gujarat High Court. This clarification ensures consistent application of the law in similar cases, emphasizing the importance of granting deduction for the entire interest income derived from cooperative societies. Case-Laws Income Tax Tue, 05 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413228