Interest from Co-op Bank Investments Not Eligible for Operational Income Deduction u/s 80P(2)(a)(i.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deduction u/s. 80P(2)(a)(i) - interest income earned on its investments amount made with District co-operative banks - The Tribunal upheld the decision of the lower authorities, stating that the interest income from investments with KDCC Bank did not qualify as operational income attributable to the main business of the assessee. Relying on precedents and the nature of the income, the Tribunal affirmed the denial of deduction u/s 80P(2)(a)(i) of the Act.....