https://www.taxtmi.com/caselaws?id=442755 The Tribunal allowed the appeal in favor of the assessee, an Employees Credit Co-operative Society, regarding the disallowance of deduction claimed under Section 80P of the Income-tax Act, 1961. The Tribunal held that the interest income from investments with nationalized banks should be considered operational business income eligible for deduction under Section 80P, distinguishing the case from precedent decisions. The Tribunal emphasized that the funds were operational and necessary for providing credit facilities, ultimately granting the deduction for the interest income earned from bank deposits. en-us Mon, 28 Aug 2023 00:00:00 +0530 Sat, 09 Sep 2023 09:37:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442755 The Tribunal allowed the appeal in favor of the assessee, an Employees Credit Co-operative Society, regarding the disallowance of deduction claimed under Section 80P of the Income-tax Act, 1961. The Tribunal held that the interest income from investments with nationalized banks should be considered operational business income eligible for deduction under Section 80P, distinguishing the case from precedent decisions. The Tribunal emphasized that the funds were operational and necessary for providing credit facilities, ultimately granting the deduction for the interest income earned from bank deposits. Case-Laws Income Tax Mon, 28 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442755