https://www.taxtmi.com/caselaws?id=438458 The Tribunal held that interest income earned on fixed deposits with cooperative/scheduled banks qualifies as business income eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. The appellant's appeal was allowed, overturning the denial of exemption by the Assessing Officer and the National Faceless Appeal Centre. The decision aligned with the Karnataka High Court's ruling, establishing that such interest income is attributable to the activities of the society and thus eligible for exemption. The judgment was in favor of the assessee, pronounced on May 29, 2023. en-us Mon, 29 May 2023 00:00:00 +0530 Wed, 31 May 2023 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438458 The Tribunal held that interest income earned on fixed deposits with cooperative/scheduled banks qualifies as business income eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act. The appellant's appeal was allowed, overturning the denial of exemption by the Assessing Officer and the National Faceless Appeal Centre. The decision aligned with the Karnataka High Court's ruling, establishing that such interest income is attributable to the activities of the society and thus eligible for exemption. The judgment was in favor of the assessee, pronounced on May 29, 2023. Case-Laws Income Tax Mon, 29 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438458