https://www.taxtmi.com/caselaws?id=405484 The Tribunal upheld the validity of proceedings under Section 147 of the Income Tax Act, 1961, dismissing the assessee's appeal challenging the same. It denied the deduction under Section 80P(2)(d) to the society for interest paid to a cooperative bank, ruling that a cooperative bank is not considered a cooperative society under Section 80P(2)(4). The Tribunal directed reconsideration of the eligibility for deduction under Section 80P(2)(a) for interest income. Additionally, it emphasized the need for a comprehensive examination of the classification of funds as surplus funds and the status of a cooperative bank as a cooperative society. The reassessment of deductions under Section 80P(2)(a) was also directed. en-us Thu, 04 Mar 2021 00:00:00 +0530 Mon, 22 Mar 2021 09:16:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405484 The Tribunal upheld the validity of proceedings under Section 147 of the Income Tax Act, 1961, dismissing the assessee's appeal challenging the same. It denied the deduction under Section 80P(2)(d) to the society for interest paid to a cooperative bank, ruling that a cooperative bank is not considered a cooperative society under Section 80P(2)(4). The Tribunal directed reconsideration of the eligibility for deduction under Section 80P(2)(a) for interest income. Additionally, it emphasized the need for a comprehensive examination of the classification of funds as surplus funds and the status of a cooperative bank as a cooperative society. The reassessment of deductions under Section 80P(2)(a) was also directed. Case-Laws Income Tax Thu, 04 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405484