https://www.taxtmi.com/caselaws?id=304594 The appeal was filed by the assessee challenging the non-allowance of deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal upheld the denial of the deduction, following a judgment by the jurisdictional High Court, stating that a cooperative society providing credit facilities and earning interest income on surplus funds is not eligible for the deduction. However, the Tribunal directed the AO to allow any expenses incurred for earning such income. Additionally, the AO was instructed to examine if the assessee is entitled to statutory deduction under section 80P(2)(c) of the Act. en-us Tue, 28 Aug 2018 00:00:00 +0530 Sat, 08 Oct 2022 13:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304594 The appeal was filed by the assessee challenging the non-allowance of deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal upheld the denial of the deduction, following a judgment by the jurisdictional High Court, stating that a cooperative society providing credit facilities and earning interest income on surplus funds is not eligible for the deduction. However, the Tribunal directed the AO to allow any expenses incurred for earning such income. Additionally, the AO was instructed to examine if the assessee is entitled to statutory deduction under section 80P(2)(c) of the Act. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304594