https://www.taxtmi.com/caselaws?id=373832 The Tribunal partly allowed the appeal, confirming the addition made by the AO under section 80P(2)(a)(i) of the Income Tax Act for interest income earned from non-cooperative banks by a cooperative society. The Tribunal upheld the High Court's precedent that such interest income is not eligible for deduction under section 80P(2). However, the Tribunal directed the allowance of prorata expenses for interest income earned from nationalized banks for computing the deduction under section 80P(2), emphasizing the treatment of interest income and related expenses for cooperative societies providing credit facilities. en-us Wed, 16 Jan 2019 00:00:00 +0530 Mon, 21 Jan 2019 09:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373832 The Tribunal partly allowed the appeal, confirming the addition made by the AO under section 80P(2)(a)(i) of the Income Tax Act for interest income earned from non-cooperative banks by a cooperative society. The Tribunal upheld the High Court's precedent that such interest income is not eligible for deduction under section 80P(2). However, the Tribunal directed the allowance of prorata expenses for interest income earned from nationalized banks for computing the deduction under section 80P(2), emphasizing the treatment of interest income and related expenses for cooperative societies providing credit facilities. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373832