https://www.taxtmi.com/caselaws?id=751696 ITAT Visakhapatnam allowed deduction under section 80P(2)(a)(i) for interest income earned by cooperative society from fixed deposits in bank accounts. The Tribunal followed precedent from Kakateeya Mutually Aided Thrift and Credit Coop Society Ltd. and Vavveru Co-operative Rural Bank Ltd., holding that interest earned on surplus funds invested from activities covered under section 80P(2)(a) qualifies for deduction. CIT(A)-NFAC's decision to delete the addition made by AO was upheld, and assessee's appeals were allowed. en-us Fri, 19 Apr 2024 00:00:00 +0530 Mon, 22 Apr 2024 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751696 ITAT Visakhapatnam allowed deduction under section 80P(2)(a)(i) for interest income earned by cooperative society from fixed deposits in bank accounts. The Tribunal followed precedent from Kakateeya Mutually Aided Thrift and Credit Coop Society Ltd. and Vavveru Co-operative Rural Bank Ltd., holding that interest earned on surplus funds invested from activities covered under section 80P(2)(a) qualifies for deduction. CIT(A)-NFAC's decision to delete the addition made by AO was upheld, and assessee's appeals were allowed. Case-Laws Income Tax Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751696