https://www.taxtmi.com/caselaws?id=326794 The Tribunal held that interest income earned by a credit cooperative society on fixed deposits with nationalized banks qualifies for deduction under Section 80P(2). The Tribunal upheld the decision directing the Assessing Officer to grant the exemption under Section 80P, dismissing the AO's appeal. The interest income from fixed deposits by cooperative societies is deemed attributable to the business of providing credit facilities to members, making it eligible for deduction under Section 80P(2)(a)(i). en-us Mon, 14 Mar 2016 00:00:00 +0530 Mon, 25 Apr 2016 12:00:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326794 The Tribunal held that interest income earned by a credit cooperative society on fixed deposits with nationalized banks qualifies for deduction under Section 80P(2). The Tribunal upheld the decision directing the Assessing Officer to grant the exemption under Section 80P, dismissing the AO's appeal. The interest income from fixed deposits by cooperative societies is deemed attributable to the business of providing credit facilities to members, making it eligible for deduction under Section 80P(2)(a)(i). Case-Laws Income Tax Mon, 14 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326794