https://www.taxtmi.com/caselaws?id=422803 The Tribunal upheld the appellant's claim for deduction under section 80P(2)(d) for interest earned from cooperative banks, allowing the deduction for interest received on surplus funds deposited with cooperative banks. However, the deduction for interest income from nationalized banks was disallowed, and penalty proceedings under section 271(1)(c) were initiated for inaccurate particulars of income. The Tribunal's decision emphasized the eligibility of cooperative societies for deductions and suggested a reassessment of the penalty in light of the judgment. en-us Fri, 20 May 2022 00:00:00 +0530 Sat, 21 May 2022 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422803 The Tribunal upheld the appellant's claim for deduction under section 80P(2)(d) for interest earned from cooperative banks, allowing the deduction for interest received on surplus funds deposited with cooperative banks. However, the deduction for interest income from nationalized banks was disallowed, and penalty proceedings under section 271(1)(c) were initiated for inaccurate particulars of income. The Tribunal's decision emphasized the eligibility of cooperative societies for deductions and suggested a reassessment of the penalty in light of the judgment. Case-Laws Income Tax Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422803