https://www.taxtmi.com/caselaws?id=757840 ITAT Visakhapatnam allowed deduction under Section 80P for interest earned on deposits with sponsor bank. The cooperative society had made deposits with Andhra Bank in compliance with AP Cooperative Societies Act statutory regulations as part of regular business operations. The Tribunal followed its earlier decision in assessee's own case for AY 2020-21 and applied consistency principle, concluding that revenue authorities' orders disallowing the deduction were unsustainable in law. Appeal decided in favor of assessee. en-us Wed, 14 Aug 2024 00:00:00 +0530 Mon, 02 Sep 2024 15:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757840 ITAT Visakhapatnam allowed deduction under Section 80P for interest earned on deposits with sponsor bank. The cooperative society had made deposits with Andhra Bank in compliance with AP Cooperative Societies Act statutory regulations as part of regular business operations. The Tribunal followed its earlier decision in assessee's own case for AY 2020-21 and applied consistency principle, concluding that revenue authorities' orders disallowing the deduction were unsustainable in law. Appeal decided in favor of assessee. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757840