https://www.taxtmi.com/caselaws?id=447286 The ITAT Bangalore remanded the case to the AO for verification of the assessee's eligibility for deduction under section 80P(2)(d) regarding interest/dividend income from cooperative societies. The tribunal noted that while the assessee submitted statements, the AO failed to examine income from cooperative societies during assessment proceedings. For interest from cooperative banks, the tribunal directed the AO to follow the Totgars Co-operative Sales Society judgment, which would deny deduction under section 80P(2)(d). The tribunal rejected the assessee's claim for deduction under section 80P(2)(a)(i) on bank deposit interest, ruling it wasn't attributable to banking business or providing credit facilities. The issue regarding disallowance of provisions was also remanded for verification of whether they constituted business profits eligible for Chapter VIA benefits. en-us Thu, 30 Nov 2023 00:00:00 +0530 Fri, 22 Dec 2023 09:42:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447286 The ITAT Bangalore remanded the case to the AO for verification of the assessee's eligibility for deduction under section 80P(2)(d) regarding interest/dividend income from cooperative societies. The tribunal noted that while the assessee submitted statements, the AO failed to examine income from cooperative societies during assessment proceedings. For interest from cooperative banks, the tribunal directed the AO to follow the Totgars Co-operative Sales Society judgment, which would deny deduction under section 80P(2)(d). The tribunal rejected the assessee's claim for deduction under section 80P(2)(a)(i) on bank deposit interest, ruling it wasn't attributable to banking business or providing credit facilities. The issue regarding disallowance of provisions was also remanded for verification of whether they constituted business profits eligible for Chapter VIA benefits. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447286