https://www.taxtmi.com/caselaws?id=397046 The Delhi High Court confirmed that the assessee, a thrift and credit society, is not engaged in the "business of banking" and thus not eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. However, the Tribunal allowed deductions under section 80P(2)(d) for interest earned from investments with other cooperative societies. Additionally, the Tribunal directed the Assessing Officer to allow the deduction of proportionate interest and other expenses under section 57 of the Act. Consequently, all appeals of the assessee were allowed. en-us Mon, 27 Jul 2020 00:00:00 +0530 Fri, 31 Jul 2020 15:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397046 The Delhi High Court confirmed that the assessee, a thrift and credit society, is not engaged in the "business of banking" and thus not eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. However, the Tribunal allowed deductions under section 80P(2)(d) for interest earned from investments with other cooperative societies. Additionally, the Tribunal directed the Assessing Officer to allow the deduction of proportionate interest and other expenses under section 57 of the Act. Consequently, all appeals of the assessee were allowed. Case-Laws Income Tax Mon, 27 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397046