https://www.taxtmi.com/caselaws?id=392480 The appeals filed by the co-operative society were allowed for statistical purposes. The CIT(A) permitted the deduction under section 80P of the Income Tax Act, following the judgment in Chirakkal Service Co-operative Co-operative Bank Ltd. v. CIT. The case emphasized the necessity of assessing the society's activities annually to determine eligibility for deductions under section 80P, especially concerning interest income from investments with banks. The Tribunal directed the Assessing Officer to scrutinize the society's activities in line with the Kerala Co-operative Societies Act, 1969, before granting the deduction. en-us Mon, 13 Jan 2020 00:00:00 +0530 Fri, 21 Feb 2020 12:27:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392480 The appeals filed by the co-operative society were allowed for statistical purposes. The CIT(A) permitted the deduction under section 80P of the Income Tax Act, following the judgment in Chirakkal Service Co-operative Co-operative Bank Ltd. v. CIT. The case emphasized the necessity of assessing the society's activities annually to determine eligibility for deductions under section 80P, especially concerning interest income from investments with banks. The Tribunal directed the Assessing Officer to scrutinize the society's activities in line with the Kerala Co-operative Societies Act, 1969, before granting the deduction. Case-Laws Income Tax Mon, 13 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392480