https://www.taxtmi.com/caselaws?id=433609 The Tribunal held that the assessee, a Primary Agricultural Co-operative Society, is not entitled to deduction under sections 80P(2)(a)(i) and 80P(2)(d) for interest income from a cooperative bank. However, the AO must assess if the interest income relates to mandatory investments under section 57 of the Co-operative Societies Act. If the claim under section 80P(2)(a)(i) is denied, the assessee can deduct expenses under section 57. The case is remanded to the AO for reconsideration based on the Tribunal's findings, with the appeal partly allowed for statistical purposes. en-us Thu, 02 Feb 2023 00:00:00 +0530 Sat, 04 Feb 2023 08:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433609 The Tribunal held that the assessee, a Primary Agricultural Co-operative Society, is not entitled to deduction under sections 80P(2)(a)(i) and 80P(2)(d) for interest income from a cooperative bank. However, the AO must assess if the interest income relates to mandatory investments under section 57 of the Co-operative Societies Act. If the claim under section 80P(2)(a)(i) is denied, the assessee can deduct expenses under section 57. The case is remanded to the AO for reconsideration based on the Tribunal's findings, with the appeal partly allowed for statistical purposes. Case-Laws Income Tax Thu, 02 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433609