https://www.taxtmi.com/caselaws?id=341682 The Tribunal clarified that a credit cooperative society is entitled to a deduction under section 80P(2) of the Income Tax Act, except for interest income earned on surplus funds deposited in nationalized banks. The Tribunal directed the Assessing Officer to re-examine the case in line with this clarification, emphasizing the need for a detailed analysis of the interest income. The appeal of the assessee was allowed for statistical purposes, and the matter was remanded for further review. The judgment provided clarity on the eligibility of credit cooperative societies for the deduction under section 80P(2) based on relevant legal provisions and precedents. en-us Mon, 10 Apr 2017 00:00:00 +0530 Sat, 15 Apr 2017 07:59:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341682 The Tribunal clarified that a credit cooperative society is entitled to a deduction under section 80P(2) of the Income Tax Act, except for interest income earned on surplus funds deposited in nationalized banks. The Tribunal directed the Assessing Officer to re-examine the case in line with this clarification, emphasizing the need for a detailed analysis of the interest income. The appeal of the assessee was allowed for statistical purposes, and the matter was remanded for further review. The judgment provided clarity on the eligibility of credit cooperative societies for the deduction under section 80P(2) based on relevant legal provisions and precedents. Case-Laws Income Tax Mon, 10 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341682