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of The ITAT upheld the disallowance of interest earned from staff loans u/s 80P(2)(a)(i) as not attributable to the business of the assessee. However, interest from credit facilities extended to members, including nominal/associate members, was allowed u/s 80P(2)(a)(i) as per the Karnataka Co-operative Societies Act, 1959. Additionally, interest earned from investments made was deemed deductible u/s 80P(2)(d) as it was attributable to the business. The AO was directed to verify and compute deductions accordingly. Guarantee commission was not covered u/s 43B, and the issue was remanded to the AO for further analysis. Verification was also required for the treatment of business loss and e-stamping income for proper computation of income.
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