https://www.taxtmi.com/caselaws?id=282154 The Tribunal upheld the CIT's order under section 263, disallowing the deduction claimed under section 80P of the Income-tax Act, 1961, due to the interest income from bank deposits not being directly related to the cooperative society's business activities. Additionally, the alternative claim for deduction under section 57(iii) was rejected as the interest income was deemed independent of the deposits collected. The appeal was dismissed, and the decision was rendered on May 10, 2013. en-us Fri, 10 May 2013 00:00:00 +0530 Sat, 10 Aug 2019 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282154 The Tribunal upheld the CIT's order under section 263, disallowing the deduction claimed under section 80P of the Income-tax Act, 1961, due to the interest income from bank deposits not being directly related to the cooperative society's business activities. Additionally, the alternative claim for deduction under section 57(iii) was rejected as the interest income was deemed independent of the deposits collected. The appeal was dismissed, and the decision was rendered on May 10, 2013. Case-Laws Income Tax Fri, 10 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282154