https://www.taxtmi.com/caselaws?id=448550 The ITAT Surat ruled in favor of the assessee-society regarding deduction under section 80P. The society earned interest income from nationalized banks totaling Rs. 1,25,31,686. The tribunal noted that section 80P(2)(d) permits deduction only for interest income from cooperative societies, not from other sources. Since the assessee-society did not claim deduction under section 80P(2)(d) for this amount and instead declared it as income from other sources while paying taxes, no disallowance was warranted. The addition was deleted. en-us Fri, 19 Jan 2024 00:00:00 +0530 Mon, 22 Jan 2024 08:26:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448550 The ITAT Surat ruled in favor of the assessee-society regarding deduction under section 80P. The society earned interest income from nationalized banks totaling Rs. 1,25,31,686. The tribunal noted that section 80P(2)(d) permits deduction only for interest income from cooperative societies, not from other sources. Since the assessee-society did not claim deduction under section 80P(2)(d) for this amount and instead declared it as income from other sources while paying taxes, no disallowance was warranted. The addition was deleted. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448550