https://www.taxtmi.com/caselaws?id=437659 The Appellate Tribunal ruled in favor of the Assessee, a farmers services cooperative society, allowing the deduction under Section 80P(2)(a)(i) of the Income Tax Act. The Tribunal held that the Assessee, being a primary agricultural cooperative society, had invested its own surplus funds in a nationalized bank, making the interest derived eligible for deduction. The Assessing Officer was instructed to remove the disallowed deduction, as the Assessee met the criteria for claiming the deduction under the Act. en-us Tue, 11 Apr 2023 00:00:00 +0530 Fri, 12 May 2023 08:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437659 The Appellate Tribunal ruled in favor of the Assessee, a farmers services cooperative society, allowing the deduction under Section 80P(2)(a)(i) of the Income Tax Act. The Tribunal held that the Assessee, being a primary agricultural cooperative society, had invested its own surplus funds in a nationalized bank, making the interest derived eligible for deduction. The Assessing Officer was instructed to remove the disallowed deduction, as the Assessee met the criteria for claiming the deduction under the Act. Case-Laws Income Tax Tue, 11 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437659