Court held that the assessee was not entitled to deduction of interest from scheduled bank under section\u00a080P(2)(a)(i)\u00a0. The Assessing Officer was to work out the net interest earned from the deposits with the scheduled bank. That interest earned from co-operative bank or society would qualify for grant of deduction. Amount received from its members towards form fee, was attributable to and arose from the assessee\u2019s day-to-day activities. \u00a0Allowable as seduction . That the standard deduction of Rs. 50,000 claimed by the assessee under section\u00a080P(2)(c)\u00a0being a statutory deduction, the assessee would be entitled to the deduction. \u00a0(AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P : Co-operative societies -Interest earned from Scheduled Bank \u2014 Not deductible \u2014 Net interest from deposits with Scheduled Bank to be excluded-Interest from Co-Operative Bank Or Society \u2014 Deductible -Receipt from its members towards form fee \u2014Deductible-Standard deduction \u2014 Allowable. [ S.80P(2)(a)(i), 80P(2)( c) , 80P(2)(d) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-14434","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3KO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=14434"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14434\/revisions"}],"predecessor-version":[{"id":14435,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/14434\/revisions\/14435"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=14434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=14434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=14434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}