https://www.taxtmi.com/caselaws?id=765116 ITAT Delhi held that cooperative society was not eligible for deduction u/s 80P(2)(a) on interest from fixed deposits with scheduled banks. However, deduction u/s 80P(2)(d) was allowed for interest earned from cooperative banks, following Gujarat HC precedent in Ashwin Kumar Urban Cooperative Society case. Interest on savings accounts used for day-to-day business operations was also eligible for deduction u/s 80P. Matter remanded to AO for examining deductions u/s 57 and ESI/PF contributions paid beyond due date. en-us Wed, 22 Jan 2025 00:00:00 +0530 Thu, 23 Jan 2025 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765116 ITAT Delhi held that cooperative society was not eligible for deduction u/s 80P(2)(a) on interest from fixed deposits with scheduled banks. However, deduction u/s 80P(2)(d) was allowed for interest earned from cooperative banks, following Gujarat HC precedent in Ashwin Kumar Urban Cooperative Society case. Interest on savings accounts used for day-to-day business operations was also eligible for deduction u/s 80P. Matter remanded to AO for examining deductions u/s 57 and ESI/PF contributions paid beyond due date. Case-Laws Income Tax Wed, 22 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765116