ITAT Allows Section 80P Deduction on Interest Earned from Co-operative Bank Deposits:
The ITAT treats statutory reserve interest as business income, allowing deduction under Section 80P(2)(a)(i).
Interest on statutory reserve deposits held attributable to credit society business.
Meetu Kumari
Jul 7, 2026
Premium
ITAT Allows Section 80P Deduction on Interest Earned from Co-operative Bank Deposits
The ITAT treats statutory reserve interest as business income, allowing deduction under Section 80P(2)(a)(i).
Also Read
No Separate Section 69C Unexplained Expenditure Addition Allowed After Accepting Section 44AD Income Without Supporting Evidence: ITATITAT Quashes Assessment for Non-Service of Section 143(2) Notice ITAT Deletes Expense Disallowance Based on Mere SuspicionITAT Condones 2,107-Day Delay, Directs CIT(A) to Reconsider Rs 16.54 Lakh Section 80PA Deduction Claim
About Author
Meetu Kumari
Content Manager
Meetu Kumari is an Experienced Advocate and Content Writer with 4+ years of demonstrated history of working in the law practice industry. Skilled in Developing Content, Researching, and Drafting. Strong professional with a Bachelor of Science (B.Sc.) focused on Law from Gujarat National Law University.
Meetu Kumari is an Experienced Advocate and Content Writer with 4+ years of demonstrated history of working in the law practice industry. Skilled in Developing Content, Researching, and Drafting. Strong professional with a Bachelor of Science (B.Sc.) focused on Law from Gujarat National Law University.
Studycafe
Jodhpur, Rajasthan, India
2264My Recent Articles
- ITAT Condones 302-Day Delay, Restores Salary Assessment for Fresh VerificationPremium
- ITAT Condones Delay After Tax Consultant's Death, Restores Appeals for Fresh HearingPremium
- ITAT Remands Salary Addition, Says Taxability Depends on Salary Becoming Due, Not Mere ReceiptPremium
- ITAT Deletes TP Royalty Adjustment, Orders Fresh Review of Commission BenchmarkingPremium
- ITAT Quashes Reassessment Over Unsigned Section 148 Notice Issued to AssesseePremium
Up Next
Loading suggestions…
Recent Posts
All Posts
Recent Posts
All Posts