https://www.taxtmi.com/caselaws?id=434057 The ITAT Chennai allowed the appeal, directing the AO to allow the deduction under Section 80P(2)(a)(i) for interest income earned from loans given to associate members. The ITAT also instructed the AO to re-examine the claim for deduction under Section 80P(2)(d) for interest income earned from deposits with other cooperative banks, considering the governing regulations of the banks involved. The judgment emphasized a liberal interpretation of Section 80P to support the cooperative sector and resolve ambiguities in favor of the assessee. en-us Wed, 08 Feb 2023 00:00:00 +0530 Wed, 15 Feb 2023 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434057 The ITAT Chennai allowed the appeal, directing the AO to allow the deduction under Section 80P(2)(a)(i) for interest income earned from loans given to associate members. The ITAT also instructed the AO to re-examine the claim for deduction under Section 80P(2)(d) for interest income earned from deposits with other cooperative banks, considering the governing regulations of the banks involved. The judgment emphasized a liberal interpretation of Section 80P to support the cooperative sector and resolve ambiguities in favor of the assessee. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434057