https://www.taxtmi.com/caselaws?id=439452 The ITAT Jaipur allowed the cooperative society's appeal, permitting the deduction of interest income from deposits with Malviya Urban Co-operative Bank Ltd. under section 80P(2)(a)(i) for AY 2018-19 and AY 2020-21. The Tribunal emphasized that the interest income was linked to the business of providing credit facilities to members, considering the funds as surplus and not liabilities, making it eligible for the deduction. The decision overturned the AO and CIT(A)'s denial of the deduction, recognizing the interest income as derived from the cooperative society's business activities. en-us Tue, 20 Jun 2023 00:00:00 +0530 Wed, 21 Jun 2023 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439452 The ITAT Jaipur allowed the cooperative society's appeal, permitting the deduction of interest income from deposits with Malviya Urban Co-operative Bank Ltd. under section 80P(2)(a)(i) for AY 2018-19 and AY 2020-21. The Tribunal emphasized that the interest income was linked to the business of providing credit facilities to members, considering the funds as surplus and not liabilities, making it eligible for the deduction. The decision overturned the AO and CIT(A)'s denial of the deduction, recognizing the interest income as derived from the cooperative society's business activities. Case-Laws Income Tax Tue, 20 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439452