https://www.taxtmi.com/caselaws?id=274054 The Tribunal upheld the eligibility of Section 80P deduction for interest income from parking surplus funds in cooperative banks. It affirmed the disallowance of a portion of the deduction claimed under Section 80P(2)(a)(i) but allowed the deduction for interest income from deposits with a cooperative bank. The Tribunal also confirmed the applicability of Section 80P(4) and classified Banas Bank as a cooperative society, making it eligible for deductions. However, it directed a reassessment regarding the disallowance under Section 14A related to dividend income. The Tribunal partially allowed the appeals of the former assessee and the latter assessee while allowing the Revenue's appeal for statistical purposes. en-us Fri, 23 Mar 2018 00:00:00 +0530 Thu, 26 Jul 2018 08:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274054 The Tribunal upheld the eligibility of Section 80P deduction for interest income from parking surplus funds in cooperative banks. It affirmed the disallowance of a portion of the deduction claimed under Section 80P(2)(a)(i) but allowed the deduction for interest income from deposits with a cooperative bank. The Tribunal also confirmed the applicability of Section 80P(4) and classified Banas Bank as a cooperative society, making it eligible for deductions. However, it directed a reassessment regarding the disallowance under Section 14A related to dividend income. The Tribunal partially allowed the appeals of the former assessee and the latter assessee while allowing the Revenue's appeal for statistical purposes. Case-Laws Income Tax Fri, 23 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274054