https://www.taxtmi.com/caselaws?id=330536 The appeal by the Revenue was partly allowed, with the Tribunal ruling in favor of the assessee on the treatment of interest income and the application of section 80P. The Tribunal upheld the benefit of deduction under section 80P(2)(a)(i) for the interest income, considering the nature of funds and activities. However, the Tribunal restored the assessing officer's decision on certain additions due to lack of evidence regarding the nature of receipts. The decision was supported by analysis of legal provisions and precedents, emphasizing the operational funds maintained by the cooperative society. en-us Fri, 17 Jun 2016 00:00:00 +0530 Thu, 28 Jul 2016 17:23:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330536 The appeal by the Revenue was partly allowed, with the Tribunal ruling in favor of the assessee on the treatment of interest income and the application of section 80P. The Tribunal upheld the benefit of deduction under section 80P(2)(a)(i) for the interest income, considering the nature of funds and activities. However, the Tribunal restored the assessing officer's decision on certain additions due to lack of evidence regarding the nature of receipts. The decision was supported by analysis of legal provisions and precedents, emphasizing the operational funds maintained by the cooperative society. Case-Laws Income Tax Fri, 17 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330536