https://www.taxtmi.com/caselaws?id=294890 The ITAT ruled in favor of the assessee on all issues, allowing the appeal and holding that the assessee was entitled to the deduction under section 80P(2)(a)(i). The ITAT found that the assessee, not being licensed by the Reserve Bank of India to operate as a cooperative bank, did not fall under the definition of a cooperative bank as per section 80P(4). Additionally, the interest income received on investments in cooperative banks was considered business income eligible for deduction under section 80P(2)(a)(i), contrary to the assessing officer's treatment. en-us Mon, 14 Aug 2017 00:00:00 +0530 Sat, 08 May 2021 08:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294890 The ITAT ruled in favor of the assessee on all issues, allowing the appeal and holding that the assessee was entitled to the deduction under section 80P(2)(a)(i). The ITAT found that the assessee, not being licensed by the Reserve Bank of India to operate as a cooperative bank, did not fall under the definition of a cooperative bank as per section 80P(4). Additionally, the interest income received on investments in cooperative banks was considered business income eligible for deduction under section 80P(2)(a)(i), contrary to the assessing officer's treatment. Case-Laws Income Tax Mon, 14 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294890