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        Case ID :
        Income Tax

        The ITAT denied deduction under Sec. 80P(2)(a)(i) to a...

        Co-op bank gets tax deduction for interest & dividend income, ITAT rules. Paddy business deduction restriction unjustified.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The ITAT denied deduction under Sec. 80P(2)(a)(i) to a cooperative society acting as a cooperative bank. However, citing precedents, it allowed deduction for interest income on surplus funds parked as deposits. The ITAT directed the AO to allow the deduction. Regarding paddy procurement business, the ITAT found the restriction of deduction under Sec. 80P(2)(a)(iii) unjustified due to new evidence. The matter was remanded for fresh adjudication based on the extent of facilitation provided to non-members. The ITAT allowed deduction for dividend income on shares of a cooperative bank under Sec. 80P(2)(d), aligning with previous rulings.
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