https://www.taxtmi.com/caselaws?id=424311 The ITAT Ahmedabad allowed the appeal against the disallowance of deduction under section 80P of interest income, holding that interest earned on surplus funds in a cooperative bank is eligible for deduction. The delay in filing the appeal was condoned by ITAT Ahmedabad, emphasizing the need for a liberal approach to ensure substantial justice and prevent meritorious matters from being dismissed. The decision was based on legal precedents and statutory provisions related to cooperative societies' eligibility for deductions under section 80P of the Income Tax Act. en-us Fri, 24 Jun 2022 00:00:00 +0530 Sat, 25 Jun 2022 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424311 The ITAT Ahmedabad allowed the appeal against the disallowance of deduction under section 80P of interest income, holding that interest earned on surplus funds in a cooperative bank is eligible for deduction. The delay in filing the appeal was condoned by ITAT Ahmedabad, emphasizing the need for a liberal approach to ensure substantial justice and prevent meritorious matters from being dismissed. The decision was based on legal precedents and statutory provisions related to cooperative societies' eligibility for deductions under section 80P of the Income Tax Act. Case-Laws Income Tax Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424311