https://www.taxtmi.com/caselaws?id=375180 The Tribunal held that interest income received by a primary agricultural Co-op Credit Society from surplus funds deposited with the District Co-operative Central Bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal overturned the decision of the Commissioner of Income Tax (Appeals) and allowed the appeal filed by the assessee, emphasizing that such interest income is attributable to the business of providing credit facilities to members. The Tribunal distinguished previous case law and concluded that the interest income qualifies for the deduction under the specified tax provision. en-us Wed, 13 Feb 2019 00:00:00 +0530 Fri, 15 Feb 2019 08:10:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375180 The Tribunal held that interest income received by a primary agricultural Co-op Credit Society from surplus funds deposited with the District Co-operative Central Bank is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal overturned the decision of the Commissioner of Income Tax (Appeals) and allowed the appeal filed by the assessee, emphasizing that such interest income is attributable to the business of providing credit facilities to members. The Tribunal distinguished previous case law and concluded that the interest income qualifies for the deduction under the specified tax provision. Case-Laws Income Tax Wed, 13 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375180