https://www.taxtmi.com/caselaws?id=422919 The Tribunal allowed the appeal, directing the AO to grant the deduction u/s 80P(2)(a)(i) for interest income earned from investments made with banks in compliance with the Karnataka Co-operative Societies Act and Rules. The decision emphasized that such interest income should be considered as income from business, making it eligible for the deduction under the Income Tax Act. Compliance with state laws governing co-operative societies was deemed crucial for determining eligibility for deductions, providing clarity on the treatment of such income under relevant provisions of the Act. en-us Tue, 24 May 2022 00:00:00 +0530 Wed, 25 May 2022 13:14:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422919 The Tribunal allowed the appeal, directing the AO to grant the deduction u/s 80P(2)(a)(i) for interest income earned from investments made with banks in compliance with the Karnataka Co-operative Societies Act and Rules. The decision emphasized that such interest income should be considered as income from business, making it eligible for the deduction under the Income Tax Act. Compliance with state laws governing co-operative societies was deemed crucial for determining eligibility for deductions, providing clarity on the treatment of such income under relevant provisions of the Act. Case-Laws Income Tax Tue, 24 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422919