https://www.taxtmi.com/caselaws?id=447286 Interest and dividend income from investments with co-operative societies and co-operative banks required verification before deduction under section 80P(2)(d) could be granted. The Tribunal noted that income from co-operative societies had not been separately verified, while the tax treatment of interest from co-operative banks depended on the applicable judicial principles; it also found no basis to treat the income as arising under section 80P(2)(a)(i). Disallowances relating to NPA provisions, staff leave encashment, and reversal of interest subsidy receivable also required factual verification before Circular No. 37/2016 could be applied. Both issues were remitted to the Assessing Officer, and no final relief was granted on merits. 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 Interest and dividend income from investments with co-operative societies and co-operative banks required verification before deduction under section 80P(2)(d) could be granted. The Tribunal noted that income from co-operative societies had not been separately verified, while the tax treatment of interest from co-operative banks depended on the applicable judicial principles; it also found no basis to treat the income as arising under section 80P(2)(a)(i). Disallowances relating to NPA provisions, staff leave encashment, and reversal of interest subsidy receivable also required factual verification before Circular No. 37/2016 could be applied. Both issues were remitted to the Assessing Officer, and no final relief was granted on merits. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447286