https://www.taxtmi.com/caselaws?id=326887 The Tribunal allowed the appeal of the credit co-operative society, directing the Assessing Officer to grant exemption under section 80P(2) for Rs. 1,50,548/- in relation to interest income earned from FDRs in nationalized banks. The Tribunal held that such interest income qualifies for exemption under section 80P(2)(a)(i), citing precedents and distinguishing the case from Totgars' judgment. Despite the assessee offering a portion for taxation, the Tribunal ruled in favor of granting exemption for the remaining amount, partially allowing the appeal. en-us Wed, 16 Mar 2016 00:00:00 +0530 Wed, 27 Apr 2016 10:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326887 The Tribunal allowed the appeal of the credit co-operative society, directing the Assessing Officer to grant exemption under section 80P(2) for Rs. 1,50,548/- in relation to interest income earned from FDRs in nationalized banks. The Tribunal held that such interest income qualifies for exemption under section 80P(2)(a)(i), citing precedents and distinguishing the case from Totgars' judgment. Despite the assessee offering a portion for taxation, the Tribunal ruled in favor of granting exemption for the remaining amount, partially allowing the appeal. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326887