https://www.taxtmi.com/caselaws?id=430112 The Tribunal allowed the appeals filed by the assessee after condoning a delay of 140 days in filing them. It held that the Cooperative Society qualifies for deductions under section 80P(2)(a)(i) of the Income Tax Act, overturning the Assessing Officer's initial decision. The Tribunal also emphasized that there is no legal basis for distinguishing between short term and long term deposits for deduction under section 80P, setting aside the impugned orders and directing a re-examination by the ld. CIT(A) in light of relevant legal precedents. en-us Wed, 09 Nov 2022 00:00:00 +0530 Fri, 11 Nov 2022 09:02:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430112 The Tribunal allowed the appeals filed by the assessee after condoning a delay of 140 days in filing them. It held that the Cooperative Society qualifies for deductions under section 80P(2)(a)(i) of the Income Tax Act, overturning the Assessing Officer's initial decision. The Tribunal also emphasized that there is no legal basis for distinguishing between short term and long term deposits for deduction under section 80P, setting aside the impugned orders and directing a re-examination by the ld. CIT(A) in light of relevant legal precedents. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430112