https://www.taxtmi.com/caselaws?id=307300 The appellant, a co-operative society, sought a deduction under section 80P of the Income Tax Act, 1961, which was disallowed by the AO and CIT(A). The Tribunal, citing relevant case law, concluded that the appellant's interest income from investments in co-operative banks should be classified as "Business Income" and is eligible for deduction under section 80P. The matter was remanded to the AO for reconsideration in light of the Supreme Court's judgment, directing a fresh decision with a hearing opportunity for the appellant. Both appeals were partly allowed for statistical purposes. en-us Wed, 26 Oct 2022 00:00:00 +0530 Tue, 04 Apr 2023 20:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307300 The appellant, a co-operative society, sought a deduction under section 80P of the Income Tax Act, 1961, which was disallowed by the AO and CIT(A). The Tribunal, citing relevant case law, concluded that the appellant's interest income from investments in co-operative banks should be classified as "Business Income" and is eligible for deduction under section 80P. The matter was remanded to the AO for reconsideration in light of the Supreme Court's judgment, directing a fresh decision with a hearing opportunity for the appellant. Both appeals were partly allowed for statistical purposes. Case-Laws Income Tax Wed, 26 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307300