https://www.taxtmi.com/caselaws?id=446316 ITAT Visakhapatnam allowed the cooperative society's appeal regarding deduction under section 80P for interest earned on reserve fund deposits with DCC Bank. The AO had denied the deduction citing SC precedent in Totgars case, but the Tribunal distinguished the facts and followed coordinate bench decision in Kakateeya case and AP HC ruling in Vavveru case. The Tribunal held that interest income from surplus funds invested as per section 80P(2)(a) activities qualifies for deduction under section 80P(2)(a)(i), upholding CIT(A)'s deletion of the addition. en-us Wed, 18 Oct 2023 00:00:00 +0530 Thu, 30 Nov 2023 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446316 ITAT Visakhapatnam allowed the cooperative society's appeal regarding deduction under section 80P for interest earned on reserve fund deposits with DCC Bank. The AO had denied the deduction citing SC precedent in Totgars case, but the Tribunal distinguished the facts and followed coordinate bench decision in Kakateeya case and AP HC ruling in Vavveru case. The Tribunal held that interest income from surplus funds invested as per section 80P(2)(a) activities qualifies for deduction under section 80P(2)(a)(i), upholding CIT(A)'s deletion of the addition. Case-Laws Income Tax Wed, 18 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446316