https://www.taxtmi.com/caselaws?id=439458 The Tribunal allowed the appeal of the Employees Co-operative Credit Society, holding that the interest accrued on credit balances with the State Bank of Hyderabad is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal determined that the interest income retains its character as income derived from business activities covered by the provision, overturning the Assessing Officer's decision to disallow the interest. Thus, the Assessing Officer was directed to delete the disallowance, ruling in favor of the assessee. en-us Thu, 22 Jun 2023 00:00:00 +0530 Fri, 23 Jun 2023 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439458 The Tribunal allowed the appeal of the Employees Co-operative Credit Society, holding that the interest accrued on credit balances with the State Bank of Hyderabad is eligible for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961. The Tribunal determined that the interest income retains its character as income derived from business activities covered by the provision, overturning the Assessing Officer's decision to disallow the interest. Thus, the Assessing Officer was directed to delete the disallowance, ruling in favor of the assessee. Case-Laws Income Tax Thu, 22 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439458