https://www.taxtmi.com/caselaws?id=448629 ITAT Raipur allowed deduction u/s 80P(2)(a)(i) for interest income received by cooperative society from deposits in commercial banks, following precedents from Karnataka HC and Andhra Pradesh HC. The tribunal held that interest on surplus funds deposited in banks qualifies for deduction. Regarding delayed PF-ESI payments, ITAT directed AO to verify if payments were made within prescribed time including 5-day grace period, following coordinate bench decision in Dilip Construction Company case. If payments were timely including grace period, disallowance should be vacated; otherwise sustained. en-us Thu, 30 Nov 2023 00:00:00 +0530 Wed, 24 Jan 2024 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448629 ITAT Raipur allowed deduction u/s 80P(2)(a)(i) for interest income received by cooperative society from deposits in commercial banks, following precedents from Karnataka HC and Andhra Pradesh HC. The tribunal held that interest on surplus funds deposited in banks qualifies for deduction. Regarding delayed PF-ESI payments, ITAT directed AO to verify if payments were made within prescribed time including 5-day grace period, following coordinate bench decision in Dilip Construction Company case. If payments were timely including grace period, disallowance should be vacated; otherwise sustained. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448629