https://www.taxtmi.com/caselaws?id=179153 The Tribunal dismissed the appeal of a co-operative housing society regarding the claim for interest earnings on savings with a co-operative bank account under section 80P of the Income Tax Act, 1961. The Tribunal held that interest income from surplus funds, including cooperative bank accounts and fixed deposits, falls under "income from other sources" and is not eligible for deduction under section 80P. The decision was based on legal precedents and upheld the treatment of interest earnings as taxable income. en-us Fri, 19 Apr 2013 00:00:00 +0530 Fri, 03 Mar 2023 17:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179153 The Tribunal dismissed the appeal of a co-operative housing society regarding the claim for interest earnings on savings with a co-operative bank account under section 80P of the Income Tax Act, 1961. The Tribunal held that interest income from surplus funds, including cooperative bank accounts and fixed deposits, falls under "income from other sources" and is not eligible for deduction under section 80P. The decision was based on legal precedents and upheld the treatment of interest earnings as taxable income. Case-Laws Income Tax Fri, 19 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179153