https://www.taxtmi.com/caselaws?id=449178 The ITAT Bangalore allowed the assessee's appeal regarding deduction under section 80P(2) on enhanced profits. While NFAC granted deduction under section 80P(2)(a)(i), it disallowed provisions for interest, NPA, and employee benefits. The assessee argued that even if interest provision is added back to profits, the enhanced profits should qualify for section 80P(2)(a)(i) deduction. The tribunal relied on the coordinate bench decision in Sharavathi Pathina Sahakara Sangha Niyamitha case and directed the AO to grant relief on enhanced profit eligible for section 80P(2) deduction. en-us Thu, 21 Dec 2023 00:00:00 +0530 Tue, 06 Feb 2024 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449178 The ITAT Bangalore allowed the assessee's appeal regarding deduction under section 80P(2) on enhanced profits. While NFAC granted deduction under section 80P(2)(a)(i), it disallowed provisions for interest, NPA, and employee benefits. The assessee argued that even if interest provision is added back to profits, the enhanced profits should qualify for section 80P(2)(a)(i) deduction. The tribunal relied on the coordinate bench decision in Sharavathi Pathina Sahakara Sangha Niyamitha case and directed the AO to grant relief on enhanced profit eligible for section 80P(2) deduction. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449178