https://www.taxtmi.com/caselaws?id=278421 The Tribunal upheld the CIT(A)'s decision, allowing the Cooperative Society to claim a deduction under section 80P(2)(a)(i) of the Income-tax Act for interest income from fixed deposits with Nationalized Banks. The Tribunal relied on precedents supporting the eligibility of interest income from bank deposits for the deduction, emphasizing that when conflicting views exist, the interpretation favoring the taxpayer should be adopted. The Revenue's appeal was dismissed, affirming the assessee's entitlement to the deduction. en-us Thu, 25 Jan 2018 00:00:00 +0530 Fri, 01 Feb 2019 06:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278421 The Tribunal upheld the CIT(A)'s decision, allowing the Cooperative Society to claim a deduction under section 80P(2)(a)(i) of the Income-tax Act for interest income from fixed deposits with Nationalized Banks. The Tribunal relied on precedents supporting the eligibility of interest income from bank deposits for the deduction, emphasizing that when conflicting views exist, the interpretation favoring the taxpayer should be adopted. The Revenue's appeal was dismissed, affirming the assessee's entitlement to the deduction. Case-Laws Income Tax Thu, 25 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278421