https://www.taxtmi.com/caselaws?id=273113 The Tribunal allowed the appeal partially, granting the deduction under section 80P(2) to the assessee, a primary agricultural credit society, based on its registration and classification. The interest income from the Government Treasury was considered as business income eligible for deduction under section 80P(2)(a)(i) due to the nature of the society as a cooperative bank. The Tribunal ordered a fresh consideration by the CIT(A) regarding the disallowance of interest expenditure, emphasizing the need for a fair assessment process and providing the assessee with a reasonable opportunity to present their case. en-us Mon, 31 Oct 2016 00:00:00 +0530 Wed, 06 Jun 2018 12:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273113 The Tribunal allowed the appeal partially, granting the deduction under section 80P(2) to the assessee, a primary agricultural credit society, based on its registration and classification. The interest income from the Government Treasury was considered as business income eligible for deduction under section 80P(2)(a)(i) due to the nature of the society as a cooperative bank. The Tribunal ordered a fresh consideration by the CIT(A) regarding the disallowance of interest expenditure, emphasizing the need for a fair assessment process and providing the assessee with a reasonable opportunity to present their case. Case-Laws Income Tax Mon, 31 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273113