https://www.taxtmi.com/caselaws?id=422107 The ITAT allowed the appeal of the assessee, concluding that interest earned on surplus funds held with a cooperative bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act, overturning the decision of the Ld. CIT(A) and the AO. The ITAT relied on legal precedents, including the decision of the Hon'ble Gujarat High Court, to support the eligibility of such interest income for deduction under section 80P(2)(d). en-us Fri, 06 May 2022 00:00:00 +0530 Sat, 07 May 2022 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422107 The ITAT allowed the appeal of the assessee, concluding that interest earned on surplus funds held with a cooperative bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act, overturning the decision of the Ld. CIT(A) and the AO. The ITAT relied on legal precedents, including the decision of the Hon'ble Gujarat High Court, to support the eligibility of such interest income for deduction under section 80P(2)(d). Case-Laws Income Tax Fri, 06 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422107