https://www.taxtmi.com/caselaws?id=410423 The Tribunal set aside the CIT(A)'s order denying a Primary Agricultural Co-operative Society's deduction under section 80P(2)(a)(i) for the Assessment Year 2016-17, directing a fresh examination by the AO in light of relevant Supreme Court judgments. Additionally, the Tribunal instructed the AO to allow deduction of proportionate costs and expenses for interest income earned from bank deposits under section 80P(2)(d), emphasizing the need to consider the eligibility of the assessee for such deductions. The decision underscores the importance of legal precedents in determining the eligibility of Co-operative Societies for deductions under the Income Tax Act. en-us Fri, 23 Jul 2021 00:00:00 +0530 Sat, 31 Jul 2021 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410423 The Tribunal set aside the CIT(A)'s order denying a Primary Agricultural Co-operative Society's deduction under section 80P(2)(a)(i) for the Assessment Year 2016-17, directing a fresh examination by the AO in light of relevant Supreme Court judgments. Additionally, the Tribunal instructed the AO to allow deduction of proportionate costs and expenses for interest income earned from bank deposits under section 80P(2)(d), emphasizing the need to consider the eligibility of the assessee for such deductions. The decision underscores the importance of legal precedents in determining the eligibility of Co-operative Societies for deductions under the Income Tax Act. Case-Laws Income Tax Fri, 23 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410423