https://www.taxtmi.com/caselaws?id=430959 ITAT Panaji allowed the cooperative society's appeal regarding Section 80P deductions. The tribunal held that interest income received from other cooperative societies qualifies for exemption under Section 80P(2)(d), overruling the AO's position that such income from non-members was ineligible. 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 permitted for Section 80P exemption as they formed part of qualifying business income. en-us Wed, 30 Nov 2022 00:00:00 +0530 Tue, 24 Jun 2025 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430959 ITAT Panaji allowed the cooperative society's appeal regarding Section 80P deductions. The tribunal held that interest income received from other cooperative societies qualifies for exemption under Section 80P(2)(d), overruling the AO's position that such income from non-members was ineligible. 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 permitted for Section 80P exemption as they formed part of qualifying business income. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430959