https://www.taxtmi.com/caselaws?id=442589 The Tribunal upheld the CIT(A)-NFAC's decision allowing the Cooperative Society to deduct interest income earned from fixed deposits under Section 80P(2)(a)(i) of the Income Tax Act. The Tribunal distinguished the case from precedent, finding the interest income derived from the Society's own funds. As a result, the Tribunal dismissed the Revenue's appeal, affirming the deduction and deeming the additional issues regarding locker rent and expenditure claims as moot due to the favorable main appeal outcome. en-us Wed, 30 Aug 2023 00:00:00 +0530 Mon, 04 Sep 2023 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442589 The Tribunal upheld the CIT(A)-NFAC's decision allowing the Cooperative Society to deduct interest income earned from fixed deposits under Section 80P(2)(a)(i) of the Income Tax Act. The Tribunal distinguished the case from precedent, finding the interest income derived from the Society's own funds. As a result, the Tribunal dismissed the Revenue's appeal, affirming the deduction and deeming the additional issues regarding locker rent and expenditure claims as moot due to the favorable main appeal outcome. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442589