https://www.taxtmi.com/caselaws?id=444049 The Tribunal held that the appellant, a Cooperative Society, is eligible for deduction under sections 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, 1961 for interest income earned from cooperative banks. The Tribunal relied on relevant Supreme Court and Bombay High Court decisions, determining that the interest income on fixed deposits with cooperative banks qualifies as business income eligible for exemption. Consequently, the addition made by the Assessing Officer was directed to be deleted, and the grounds of appeal by the assessee were allowed. en-us Thu, 05 Oct 2023 00:00:00 +0530 Sat, 07 Oct 2023 08:32:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444049 The Tribunal held that the appellant, a Cooperative Society, is eligible for deduction under sections 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, 1961 for interest income earned from cooperative banks. The Tribunal relied on relevant Supreme Court and Bombay High Court decisions, determining that the interest income on fixed deposits with cooperative banks qualifies as business income eligible for exemption. Consequently, the addition made by the Assessing Officer was directed to be deleted, and the grounds of appeal by the assessee were allowed. Case-Laws Income Tax Thu, 05 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444049