https://www.taxtmi.com/caselaws?id=430748 ITAT Panaji allowed the appeal filed by a cooperative society. The tribunal held that interest income received from another cooperative society qualifies for deduction under section 80P(2)(d), overruling the AO's denial based on income from non-members. Following precedent from a coordinate bench decision, the tribunal directed the AO to allow the deduction. Additionally, disallowances under sections 40(a)(ia) and 36(1) were also allowed for exemption under section 80P(2)(a)(i) as they formed part of business income. All grounds of appeal were allowed in favor of the assessee society. en-us Thu, 24 Nov 2022 00:00:00 +0530 Tue, 24 Jun 2025 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430748 ITAT Panaji allowed the appeal filed by a cooperative society. The tribunal held that interest income received from another cooperative society qualifies for deduction under section 80P(2)(d), overruling the AO's denial based on income from non-members. Following precedent from a coordinate bench decision, the tribunal directed the AO to allow the deduction. Additionally, disallowances under sections 40(a)(ia) and 36(1) were also allowed for exemption under section 80P(2)(a)(i) as they formed part of business income. All grounds of appeal were allowed in favor of the assessee society. Case-Laws Income Tax Thu, 24 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430748