https://www.taxtmi.com/caselaws?id=268790 The ITAT ruled in favor of the agricultural co-operative society, allowing deductions under sections 80P(2)(a)(i) and 57(iii) of the IT Act. The ITAT held that interest income from fixed deposits is deductible under section 80P(1) and allowed the deduction for expenses against income earned from fixed deposits assessed under "Other Sources." Additionally, the ITAT directed the re-computation of interest charges under sections 234B and 234C, setting aside the decisions of the lower authorities and emphasizing a favorable interpretation of the law for the assessee. en-us Wed, 26 Aug 2015 00:00:00 +0530 Wed, 02 Dec 2015 02:14:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268790 The ITAT ruled in favor of the agricultural co-operative society, allowing deductions under sections 80P(2)(a)(i) and 57(iii) of the IT Act. The ITAT held that interest income from fixed deposits is deductible under section 80P(1) and allowed the deduction for expenses against income earned from fixed deposits assessed under "Other Sources." Additionally, the ITAT directed the re-computation of interest charges under sections 234B and 234C, setting aside the decisions of the lower authorities and emphasizing a favorable interpretation of the law for the assessee. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268790