https://www.taxtmi.com/caselaws?id=416044 The Tribunal dismissed the Assessee's appeals, upholding the disallowance of deductions under section 80P(2)(a)(i) for interest income earned from deposits with non-cooperative banks. The Tribunal ruled that only interest derived from credit provided to members is deductible under the section, not interest from non-cooperative banks. The decision was based on the interpretation of legal provisions and judicial precedents, affirming that interest income from such deposits is not attributable to the business as per the Income Tax Act. en-us Thu, 25 Nov 2021 00:00:00 +0530 Sat, 18 Dec 2021 17:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416044 The Tribunal dismissed the Assessee's appeals, upholding the disallowance of deductions under section 80P(2)(a)(i) for interest income earned from deposits with non-cooperative banks. The Tribunal ruled that only interest derived from credit provided to members is deductible under the section, not interest from non-cooperative banks. The decision was based on the interpretation of legal provisions and judicial precedents, affirming that interest income from such deposits is not attributable to the business as per the Income Tax Act. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416044