https://www.taxtmi.com/caselaws?id=416765 Interest earned from deposits with a co-operative bank was considered for deduction under section 80P of the Income-tax Act, with the Tribunal noting that section 80P(2)(d) generally does not extend to such interest. However, where the assessee claims the deposits were made under statutory compulsion under the Karnataka Co-operative Societies Act and Rules, the claim under section 80P(2)(a)(i) requires a separate factual enquiry on business nexus. As that factual aspect had not been examined earlier, the matter was remitted to the Assessing Officer for fresh consideration, and the revisional order under section 263 was not upheld in full. en-us Thu, 09 Dec 2021 00:00:00 +0530 Thu, 06 Jan 2022 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416765 Interest earned from deposits with a co-operative bank was considered for deduction under section 80P of the Income-tax Act, with the Tribunal noting that section 80P(2)(d) generally does not extend to such interest. However, where the assessee claims the deposits were made under statutory compulsion under the Karnataka Co-operative Societies Act and Rules, the claim under section 80P(2)(a)(i) requires a separate factual enquiry on business nexus. As that factual aspect had not been examined earlier, the matter was remitted to the Assessing Officer for fresh consideration, and the revisional order under section 263 was not upheld in full. Case-Laws Income Tax Thu, 09 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416765