https://www.taxtmi.com/caselaws?id=450989 ITAT Visakhapatnam allowed the assessee's appeal regarding deduction under Section 80P for interest earned on deposits with Krishna Co-operative Central Bank Limited. The AO and DR contended that interest accrued on Reserve Fund Deposits was not eligible for Section 80P deduction. However, following precedents from Vavveru Cooperative Rural Bank Ltd and Kakateeya Mutually Aided Thrift and Credit Co-op Society Limited, the tribunal held that interest income should be allowed as deduction under Section 80P(2)(a)(i). The CIT(A)'s order was quashed and the appeal was allowed. en-us Thu, 14 Mar 2024 00:00:00 +0530 Sat, 16 Mar 2024 09:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450989 ITAT Visakhapatnam allowed the assessee's appeal regarding deduction under Section 80P for interest earned on deposits with Krishna Co-operative Central Bank Limited. The AO and DR contended that interest accrued on Reserve Fund Deposits was not eligible for Section 80P deduction. However, following precedents from Vavveru Cooperative Rural Bank Ltd and Kakateeya Mutually Aided Thrift and Credit Co-op Society Limited, the tribunal held that interest income should be allowed as deduction under Section 80P(2)(a)(i). The CIT(A)'s order was quashed and the appeal was allowed. Case-Laws Income Tax Thu, 14 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450989