https://www.taxtmi.com/caselaws?id=257074 The Tribunal upheld the assessee's eligibility for deduction under section 80P(2)(a)(i) of the Income Tax Act, determining that the assessee, a co-operative society, was entitled to the deduction. It clarified that section 80P(4) applied only to co-operative banks, not societies. The interest income from fixed deposits and government securities was deemed eligible for deduction under section 80P(2)(a)(i) as it was considered attributable to the business of providing credit facilities. The Tribunal also affirmed the mandatory nature of charging interest under section 234B, directing a re-computation by the Assessing Officer. en-us Fri, 06 Feb 2015 00:00:00 +0530 Wed, 24 Jun 2015 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257074 The Tribunal upheld the assessee's eligibility for deduction under section 80P(2)(a)(i) of the Income Tax Act, determining that the assessee, a co-operative society, was entitled to the deduction. It clarified that section 80P(4) applied only to co-operative banks, not societies. The interest income from fixed deposits and government securities was deemed eligible for deduction under section 80P(2)(a)(i) as it was considered attributable to the business of providing credit facilities. The Tribunal also affirmed the mandatory nature of charging interest under section 234B, directing a re-computation by the Assessing Officer. Case-Laws Income Tax Fri, 06 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257074