https://www.taxtmi.com/caselaws?id=448662 The ITAT Bangalore allowed the assessee's appeal for statistical purposes regarding deduction under section 80P(2)(a)(i) for interest income from District Co-operative Bank investments. Following the precedent in Canara Bank Staff Credit Co-operative Societies Ltd, the Tribunal remanded the matter to the AO to examine whether investments were compulsory under Karnataka Co-operative Societies Act. If compulsory, interest income qualifies as business income eligible for section 80P(2)(a)(i) deduction. Alternatively, the AO must consider deductions under section 80P(2)(d) per Kerala State Co-operative Agricultural Rural Development SC judgment, or section 57 for cost of funds if neither section 80P deduction applies. en-us Tue, 21 Nov 2023 00:00:00 +0530 Fri, 26 Jan 2024 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448662 The ITAT Bangalore allowed the assessee's appeal for statistical purposes regarding deduction under section 80P(2)(a)(i) for interest income from District Co-operative Bank investments. Following the precedent in Canara Bank Staff Credit Co-operative Societies Ltd, the Tribunal remanded the matter to the AO to examine whether investments were compulsory under Karnataka Co-operative Societies Act. If compulsory, interest income qualifies as business income eligible for section 80P(2)(a)(i) deduction. Alternatively, the AO must consider deductions under section 80P(2)(d) per Kerala State Co-operative Agricultural Rural Development SC judgment, or section 57 for cost of funds if neither section 80P deduction applies. Case-Laws Income Tax Tue, 21 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448662