https://www.taxtmi.com/caselaws?id=117068 The Tribunal upheld the CIT(A)'s decision, confirming that interest income under section 244A qualifies as business income eligible for deduction under section 80P(2)(a)(i) for a cooperative society engaged in banking activities. The judgment emphasized the debatable nature of the issue, limited scope of Assessing Officer's adjustments, and the relevance of previous rulings supporting the appellant's position. The decision clarified that interest income derived from banking activities falls within the ambit of deductible business income under the Income Tax Act. en-us Thu, 20 Mar 2003 00:00:00 +0530 Wed, 20 Jun 2012 10:42:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117068 The Tribunal upheld the CIT(A)'s decision, confirming that interest income under section 244A qualifies as business income eligible for deduction under section 80P(2)(a)(i) for a cooperative society engaged in banking activities. The judgment emphasized the debatable nature of the issue, limited scope of Assessing Officer's adjustments, and the relevance of previous rulings supporting the appellant's position. The decision clarified that interest income derived from banking activities falls within the ambit of deductible business income under the Income Tax Act. Case-Laws Income Tax Thu, 20 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117068