https://www.taxtmi.com/caselaws?id=442864 The Calcutta HC dismissed the revenue's appeal against the Income Tax Appellate Tribunal's decision, affirming the deduction under Section 80P(2)(a)(i) for the assessment year 2004-05. The Court relied on SC precedents, which established that interest from investments made by co-operative societies in compliance with statutory provisions for banking business is exempt under this section. The HC upheld that such income is considered business income, thus eligible for deduction, reaffirming the Tribunal's decision in favor of the assessee. en-us Thu, 09 Feb 2023 00:00:00 +0530 Wed, 13 Dec 2023 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442864 The Calcutta HC dismissed the revenue's appeal against the Income Tax Appellate Tribunal's decision, affirming the deduction under Section 80P(2)(a)(i) for the assessment year 2004-05. The Court relied on SC precedents, which established that interest from investments made by co-operative societies in compliance with statutory provisions for banking business is exempt under this section. The HC upheld that such income is considered business income, thus eligible for deduction, reaffirming the Tribunal's decision in favor of the assessee. Case-Laws Income Tax Thu, 09 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442864