https://www.taxtmi.com/caselaws?id=440587 The appeal involved the disallowance of deduction under section 80P and confirmation of an addition, as well as the allowance of pro-rata expenses for earning interest income. The assessee, a cooperative society, claimed deduction under Section 80P(2)(a)(i) of the Income Tax Act, which was partly allowed by the CIT(A). The assessee argued that interest income on surplus fund investments should be eligible for deduction. Additionally, the assessee sought the allowance of pro-rata expenses for earning interest income, which was supported by the Tribunal, directing the Assessing Officer to verify the claim. The appeal was partly allowed for statistical purposes. en-us Wed, 19 Jul 2023 00:00:00 +0530 Thu, 20 Jul 2023 16:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440587 The appeal involved the disallowance of deduction under section 80P and confirmation of an addition, as well as the allowance of pro-rata expenses for earning interest income. The assessee, a cooperative society, claimed deduction under Section 80P(2)(a)(i) of the Income Tax Act, which was partly allowed by the CIT(A). The assessee argued that interest income on surplus fund investments should be eligible for deduction. Additionally, the assessee sought the allowance of pro-rata expenses for earning interest income, which was supported by the Tribunal, directing the Assessing Officer to verify the claim. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 19 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440587