Held that the fixed deposits in banks out of the income derived from the activities listed in section 80P(2)(a)(i) to (vii), interest income is eligible for deduction under section 80P (2)(a)(i). (AY. 2017-18)
ITO v. The Kakateeya Mutually Aided Thrift & Credit Co-Operative Society Ltd (2023) 226 TTJ 333/ 157 taxmann.com 735 (Visakha) (Trib)
S. 80P : Co-operative societies-Credit facilities to members-Interest on parking surplus funds in fixed deposits-Interest income is allowed as deduction. [ S. 80P(2)(a)(i)]