https://www.taxtmi.com/caselaws?id=298241 The Tribunal allowed the appeals, overturning the disallowance of the claim under Section 80P of the Income Tax Act for the Assessment Year 2013-14. It held that interest income from surplus funds deposited in banks by a cooperative society providing credit facilities to members is eligible for deduction under Section 80P, emphasizing the crucial interpretation of the word "attributable." Relying on judgments of the jurisdictional High Court, the Tribunal concluded that such interest income, not immediately required for lending to members, qualifies for deduction under Section 80P, aligning with the Act's provisions. en-us Tue, 28 Feb 2017 00:00:00 +0530 Fri, 22 Oct 2021 08:28:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298241 The Tribunal allowed the appeals, overturning the disallowance of the claim under Section 80P of the Income Tax Act for the Assessment Year 2013-14. It held that interest income from surplus funds deposited in banks by a cooperative society providing credit facilities to members is eligible for deduction under Section 80P, emphasizing the crucial interpretation of the word "attributable." Relying on judgments of the jurisdictional High Court, the Tribunal concluded that such interest income, not immediately required for lending to members, qualifies for deduction under Section 80P, aligning with the Act's provisions. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298241