https://www.taxtmi.com/caselaws?id=278430 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, allowing exemption under Section 80P(2)(a)(i) for a cooperative society's interest income of Rs. 75,36,432 from fixed deposits with banks. Relying on precedents, the Tribunal determined that the income was attributable to the society's business of providing credit facilities to its members, distinguishing it from investments made with non-members. The Revenue's appeal was dismissed, affirming the eligibility for exemption under the Income-tax Act, 1961. en-us Wed, 30 Apr 2014 00:00:00 +0530 Sat, 02 Feb 2019 08:03:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278430 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision, allowing exemption under Section 80P(2)(a)(i) for a cooperative society's interest income of Rs. 75,36,432 from fixed deposits with banks. Relying on precedents, the Tribunal determined that the income was attributable to the society's business of providing credit facilities to its members, distinguishing it from investments made with non-members. The Revenue's appeal was dismissed, affirming the eligibility for exemption under the Income-tax Act, 1961. Case-Laws Income Tax Wed, 30 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278430