https://www.taxtmi.com/caselaws?id=179133 The ITAT Ahmedabad allowed the appeal, directing the Assessing Officer to grant the deduction under Section 80P(2)(a)(i) for interest income earned on deposits with scheduled banks. The specific amount of 3,93,533/- was deemed eligible for the deduction, following the legal interpretation provided by the Karnataka High Court. This decision aligned with the precedent set by the Karnataka High Court, clarifying that interest income from surplus funds deposited in banks for Co-operative Societies' business activities qualifies for deduction under the Income Tax Act. en-us Fri, 05 Feb 2016 00:00:00 +0530 Thu, 14 Jul 2016 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179133 The ITAT Ahmedabad allowed the appeal, directing the Assessing Officer to grant the deduction under Section 80P(2)(a)(i) for interest income earned on deposits with scheduled banks. The specific amount of 3,93,533/- was deemed eligible for the deduction, following the legal interpretation provided by the Karnataka High Court. This decision aligned with the precedent set by the Karnataka High Court, clarifying that interest income from surplus funds deposited in banks for Co-operative Societies' business activities qualifies for deduction under the Income Tax Act. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179133