https://www.taxtmi.com/caselaws?id=413357 The ITAT partially allowed the appeal of a cooperative credit society, directing the AO to recompute the deduction under Sec. 80P(2)(a)(i) on the enhanced income due to disallowances of expenses and donations. The ITAT emphasized the admissibility of deduction under Chapter VI-A on enhanced profits resulting from disallowances, aligning with relevant legal precedents and the CBDT Circular. The claim for deduction under Sec. 80P(2)(c) was dismissed as it was not raised before the ITAT. en-us Fri, 01 Oct 2021 00:00:00 +0530 Sat, 09 Oct 2021 08:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413357 The ITAT partially allowed the appeal of a cooperative credit society, directing the AO to recompute the deduction under Sec. 80P(2)(a)(i) on the enhanced income due to disallowances of expenses and donations. The ITAT emphasized the admissibility of deduction under Chapter VI-A on enhanced profits resulting from disallowances, aligning with relevant legal precedents and the CBDT Circular. The claim for deduction under Sec. 80P(2)(c) was dismissed as it was not raised before the ITAT. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413357