https://www.taxtmi.com/caselaws?id=361165 The tribunal ruled in favor of the assessee regarding the disallowance of deduction claimed under section 80P(2)(a)(i) of the Income Tax Act, 1961. It held that interest income from advances given to members was eligible for deduction under the mentioned section, but interest income from short term deposits with banks was not. The tribunal directed the AO to consider net interest income for disallowance under section 80P(2)(a)(i) and allow deduction for related expenditure. Additionally, the tribunal addressed other issues raised by the assessee, directing the AO to allow deductions in accordance with the law. en-us Tue, 29 May 2018 00:00:00 +0530 Thu, 31 May 2018 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361165 The tribunal ruled in favor of the assessee regarding the disallowance of deduction claimed under section 80P(2)(a)(i) of the Income Tax Act, 1961. It held that interest income from advances given to members was eligible for deduction under the mentioned section, but interest income from short term deposits with banks was not. The tribunal directed the AO to consider net interest income for disallowance under section 80P(2)(a)(i) and allow deduction for related expenditure. Additionally, the tribunal addressed other issues raised by the assessee, directing the AO to allow deductions in accordance with the law. Case-Laws Income Tax Tue, 29 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361165