https://www.taxtmi.com/caselaws?id=404086 The Appellate Tribunal allowed the appeal filed by a cooperative housing society, setting aside the Commissioner of Income Tax (Appeals)'s order. The Tribunal ruled in favor of the appellant, allowing deductions under sections 80P(2)(d) and 80P(2)(c)(ii). It emphasized the liberal interpretation of section 80P to promote the cooperative sector and highlighted the unjustified denial of deductions by the tax authorities. The Tribunal overturned the denial of deduction under section 80P(2)(d) for interest income earned from cooperative banks and directed the allowance of the deduction under section 80P(2)(c)(ii) amounting to Rs. 50,000. en-us Wed, 03 Feb 2021 00:00:00 +0530 Mon, 15 Feb 2021 13:54:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404086 The Appellate Tribunal allowed the appeal filed by a cooperative housing society, setting aside the Commissioner of Income Tax (Appeals)'s order. The Tribunal ruled in favor of the appellant, allowing deductions under sections 80P(2)(d) and 80P(2)(c)(ii). It emphasized the liberal interpretation of section 80P to promote the cooperative sector and highlighted the unjustified denial of deductions by the tax authorities. The Tribunal overturned the denial of deduction under section 80P(2)(d) for interest income earned from cooperative banks and directed the allowance of the deduction under section 80P(2)(c)(ii) amounting to Rs. 50,000. Case-Laws Income Tax Wed, 03 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404086