https://www.taxtmi.com/caselaws?id=416217 The Tribunal upheld the disallowance of the deduction claimed under section 80P(2)(a)(i) for interest income from non-members. It emphasized that only interest derived from providing credit to members was deductible under the Act, not from surplus funds with banks. The Assessee's reliance on a Supreme Court judgment was dismissed, and the Tribunal affirmed the CIT (A)'s order, rejecting the appeal. The decision highlighted specific provisions of the Act and relevant case law, reinforcing the ineligibility of such income for deduction. en-us Tue, 30 Nov 2021 00:00:00 +0530 Thu, 23 Dec 2021 12:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416217 The Tribunal upheld the disallowance of the deduction claimed under section 80P(2)(a)(i) for interest income from non-members. It emphasized that only interest derived from providing credit to members was deductible under the Act, not from surplus funds with banks. The Assessee's reliance on a Supreme Court judgment was dismissed, and the Tribunal affirmed the CIT (A)'s order, rejecting the appeal. The decision highlighted specific provisions of the Act and relevant case law, reinforcing the ineligibility of such income for deduction. Case-Laws Income Tax Tue, 30 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416217