Deduction under Section 80P(2)(a)(i) - interest on bank deposits ...

Cooperative Society's interest income from bank deposits and securities is taxable u/s 56, not deductible u/s 80P.

August 6, 2011

Case Laws Income Tax HC

Deduction under Section 80P(2)(a)(i) - interest on bank deposits or Government securities derived by a Cooperative Society could not be attributed to the activities of the Society of providing various facilities to its members and was taxable under Section 56 being income from other sources... - HC

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Deduction under Section 80P(2)(a)(i) - interest on bank deposits ...

Cooperative Society's interest income from bank deposits and securities is taxable u/s 56, not deductible u/s 80P.

August 6, 2011

Case Laws Income Tax HC

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