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A credit cooperative society's interest on deposits or investments with cooperative banks was treated as business income attributable to its activity of accepting deposits and extending credit to members. The Tribunal held that deduction under section 80P(2)(a)(i) was available because the interest was not excluded merely due to its source, and the relevant Karnataka High Court precedents supported the assessee on closely similar facts. Where conflicting High Court decisions were cited, the Tribunal followed the view with facts closer to the present case and directed allowance of the deduction on the interest income.
A credit cooperative society's interest on deposits or investments with cooperative banks was treated as business income attributable to its activity of accepting deposits and extending credit to members. The Tribunal held that deduction under section 80P(2)(a)(i) was available because the interest was not excluded merely due to its source, and the relevant Karnataka High Court precedents supported the assessee on closely similar facts. Where conflicting High Court decisions were cited, the Tribunal followed the view with facts closer to the present case and directed allowance of the deduction on the interest income.
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