https://www.taxtmi.com/caselaws?id=752036 The ITAT Nagpur ruled in favor of the assessee regarding deduction under Section 80P for interest income from parking surplus funds in nationalized banks and similar institutions. The tribunal relied on coordinate bench precedent in Rena Sahakari Sakhar Karkhana Ltd. vs. PCIT and Andhra Pradesh HC decision in Vaveru Co-operative Rural Bank Ltd., establishing that interest income from both cooperative banks and nationalized/public sector banks qualifies for Section 80P deduction. The Revenue's arguments were rejected. en-us Mon, 29 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752036 The ITAT Nagpur ruled in favor of the assessee regarding deduction under Section 80P for interest income from parking surplus funds in nationalized banks and similar institutions. The tribunal relied on coordinate bench precedent in Rena Sahakari Sakhar Karkhana Ltd. vs. PCIT and Andhra Pradesh HC decision in Vaveru Co-operative Rural Bank Ltd., establishing that interest income from both cooperative banks and nationalized/public sector banks qualifies for Section 80P deduction. The Revenue's arguments were rejected. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752036