https://www.taxtmi.com/caselaws?id=392706 Primary agricultural co-operative credit societies challenged disallowance of deduction under Section 80P and the tax treatment of interest earned from investments made out of statutory reserve funds. On the Section 80P issue, the matter was treated as covered by earlier writ proceedings, and the societies were directed to pursue the statutory appeal before the Commissioner of Income Tax (Appeals) with interim stay of recovery on the covered demand. On the interest-income issue, the assessment was found to be cursory and non-speaking, so it was set aside and remitted for de novo consideration after hearing the assessee and examining the relevant authorities. en-us Mon, 17 Feb 2020 00:00:00 +0530 Wed, 26 Feb 2020 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392706 Primary agricultural co-operative credit societies challenged disallowance of deduction under Section 80P and the tax treatment of interest earned from investments made out of statutory reserve funds. On the Section 80P issue, the matter was treated as covered by earlier writ proceedings, and the societies were directed to pursue the statutory appeal before the Commissioner of Income Tax (Appeals) with interim stay of recovery on the covered demand. On the interest-income issue, the assessment was found to be cursory and non-speaking, so it was set aside and remitted for de novo consideration after hearing the assessee and examining the relevant authorities. Case-Laws Income Tax Mon, 17 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392706