Assessee is co operative society. In the year 2010-11 society has purchased KVP (kisan vikas patra) from Co-operative Bank out of its surplus balance, now at the time of maturity interest earned on KVP is mentioned in the Income from other sources head and claimed deduction u/s 80P. But CPC didn't allow the deduction u/s 80P to the income offered in IFOS.
Is the interest income from kvp obtained from Co-operative Bank is taxable or allow as deduction u/s 80P?
Please help to resolve the query with any supporting judgement if any.
Thank you
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Co-operative Society Deduction U/s 80P
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As per the sec 80p of IT act 1961, deduction towards interest income , deduction is available in respect of income by way of interest is earned ..then the whole interest is allowed as deduction
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