https://www.taxtmi.com/caselaws?id=450938 The ITAT Panaji ruled in favor of the assessee regarding section 80P deduction on interest income. The Revenue's attempt to distinguish between nominal and regular members' interest income was rejected, citing the SC's decision in Mavilayi Service Co-operative Bank Ltd. The Revenue also failed to deny section 80P(2)(a)(i) deduction for Souharda Society registered under Karnataka Souharda Sahakari Act, 1997, as the Karnataka HC had already held such societies qualify as cooperative societies under section 2(19). The Revenue's substantive ground was rejected. en-us Wed, 13 Mar 2024 00:00:00 +0530 Sat, 16 Mar 2024 07:50:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450938 The ITAT Panaji ruled in favor of the assessee regarding section 80P deduction on interest income. The Revenue's attempt to distinguish between nominal and regular members' interest income was rejected, citing the SC's decision in Mavilayi Service Co-operative Bank Ltd. The Revenue also failed to deny section 80P(2)(a)(i) deduction for Souharda Society registered under Karnataka Souharda Sahakari Act, 1997, as the Karnataka HC had already held such societies qualify as cooperative societies under section 2(19). The Revenue's substantive ground was rejected. Case-Laws Income Tax Wed, 13 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450938