https://www.taxtmi.com/caselaws?id=199017 The appellant, a cooperative credit society, appealed against the disallowance of exemption under section 80P(2)(a) on interest income received from State Bank of India. The Hon'ble Gujarat High Court held that income from investments in nationalized banks does not fall under section 80P(2)(a) categories. The Tribunal directed the Assessing Officer to consider only the net interest income for tax purposes and exclude related expenditure. Consequently, the appeal was allowed for statistical purposes, clarifying that income from investments in non-cooperative banks by a cooperative credit society is not eligible for deduction under section 80P(2). en-us Mon, 10 Apr 2017 00:00:00 +0530 Sat, 17 Feb 2018 06:40:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199017 The appellant, a cooperative credit society, appealed against the disallowance of exemption under section 80P(2)(a) on interest income received from State Bank of India. The Hon'ble Gujarat High Court held that income from investments in nationalized banks does not fall under section 80P(2)(a) categories. The Tribunal directed the Assessing Officer to consider only the net interest income for tax purposes and exclude related expenditure. Consequently, the appeal was allowed for statistical purposes, clarifying that income from investments in non-cooperative banks by a cooperative credit society is not eligible for deduction under section 80P(2). Case-Laws Income Tax Mon, 10 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199017