https://www.taxtmi.com/caselaws?id=446377 ITAT Visakhapatnam allowed deduction u/s 80P(2)(a)(i) for interest earned on reserve fund deposits with cooperative and nationalized banks. The AO had denied the deduction claiming interest on reserve fund deposits was ineligible. Following coordinate bench precedents in similar cases, the Tribunal held that surplus funds invested from activities under section 80P(2)(a) qualify for deduction. The CIT(A) correctly deleted the AO's addition, ruling in favor of the assessee. en-us Wed, 22 Nov 2023 00:00:00 +0530 Fri, 01 Dec 2023 09:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446377 ITAT Visakhapatnam allowed deduction u/s 80P(2)(a)(i) for interest earned on reserve fund deposits with cooperative and nationalized banks. The AO had denied the deduction claiming interest on reserve fund deposits was ineligible. Following coordinate bench precedents in similar cases, the Tribunal held that surplus funds invested from activities under section 80P(2)(a) qualify for deduction. The CIT(A) correctly deleted the AO's addition, ruling in favor of the assessee. Case-Laws Income Tax Wed, 22 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446377