https://www.taxtmi.com/caselaws?id=263168 The ITAT Pune held that interest income earned by a cooperative society on short-term deposits with scheduled banks qualifies for deduction under section 80P(2)(a)(i) of the Income Tax Act. In the absence of a binding jurisdictional HC decision and considering conflicting precedents, the tribunal followed the SC ruling in CIT v. Vegetable Products and the Karnataka HC decision in Tumkur Merchants Souhards Credit Cooperative Ltd. The decision in Mantola Cooperative Thrift Credit Society Ltd. v. CIT was rejected. The appeal was allowed in favor of the assessee. en-us Wed, 19 Aug 2015 00:00:00 +0530 Fri, 25 Jul 2025 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263168 The ITAT Pune held that interest income earned by a cooperative society on short-term deposits with scheduled banks qualifies for deduction under section 80P(2)(a)(i) of the Income Tax Act. In the absence of a binding jurisdictional HC decision and considering conflicting precedents, the tribunal followed the SC ruling in CIT v. Vegetable Products and the Karnataka HC decision in Tumkur Merchants Souhards Credit Cooperative Ltd. The decision in Mantola Cooperative Thrift Credit Society Ltd. v. CIT was rejected. The appeal was allowed in favor of the assessee. Case-Laws Income Tax Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263168