https://www.taxtmi.com/caselaws?id=274048 The Tribunal ruled that the Credit Co-operative Society Ltd. was not eligible for deduction under Section 80P(2)(a)(i) for interest income from deposits with nationalized and scheduled banks. The interest income was deemed taxable under Section 56. The Tribunal allowed pro-rata expenses for earning the interest income and granted a statutory deduction of Rs. 50,000 under Section 80P(2)(c)(ii). The decision emphasized verification of expenses and record presentation by the assessee. en-us Tue, 24 Jan 2017 00:00:00 +0530 Thu, 26 Jul 2018 08:50:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274048 The Tribunal ruled that the Credit Co-operative Society Ltd. was not eligible for deduction under Section 80P(2)(a)(i) for interest income from deposits with nationalized and scheduled banks. The interest income was deemed taxable under Section 56. The Tribunal allowed pro-rata expenses for earning the interest income and granted a statutory deduction of Rs. 50,000 under Section 80P(2)(c)(ii). The decision emphasized verification of expenses and record presentation by the assessee. Case-Laws Income Tax Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274048