https://www.taxtmi.com/caselaws?id=752530 ITAT Visakhapatnam allowed the assessee's appeal regarding deduction under section 80P(2)(a) for interest income from investments made with co-operative banks. Following coordinate bench precedents in similar cases, the tribunal held that interest income from surplus funds invested from activities covered under section 80P(2)(a) qualifies for deduction. The tribunal upheld CIT(A)-NFAC's decision to delete the addition made by AO, finding no infirmity in allowing the deduction under section 80P(2)(a)(i). en-us Wed, 08 May 2024 00:00:00 +0530 Mon, 13 May 2024 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752530 ITAT Visakhapatnam allowed the assessee's appeal regarding deduction under section 80P(2)(a) for interest income from investments made with co-operative banks. Following coordinate bench precedents in similar cases, the tribunal held that interest income from surplus funds invested from activities covered under section 80P(2)(a) qualifies for deduction. The tribunal upheld CIT(A)-NFAC's decision to delete the addition made by AO, finding no infirmity in allowing the deduction under section 80P(2)(a)(i). Case-Laws Income Tax Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752530