https://www.taxtmi.com/caselaws?id=752463 ITAT Visakhapatnam allowed deduction under Section 80P for interest income earned by a cooperative society on deposits with District Cooperative Central Bank. The tribunal distinguished the case from SC precedent in Totgars Cooperative Sale Society Ltd, following jurisdictional HC and ITAT precedent in Kakateeya Mutually Aided Thrift case. The tribunal held that interest income from surplus funds invested as per Section 80P(2)(a) activities qualifies for deduction under Section 80P(2)(a)(i), upholding CIT(A)-NFAC's deletion of AO's addition. en-us Wed, 27 Mar 2024 00:00:00 +0530 Fri, 10 May 2024 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752463 ITAT Visakhapatnam allowed deduction under Section 80P for interest income earned by a cooperative society on deposits with District Cooperative Central Bank. The tribunal distinguished the case from SC precedent in Totgars Cooperative Sale Society Ltd, following jurisdictional HC and ITAT precedent in Kakateeya Mutually Aided Thrift case. The tribunal held that interest income from surplus funds invested as per Section 80P(2)(a) activities qualifies for deduction under Section 80P(2)(a)(i), upholding CIT(A)-NFAC's deletion of AO's addition. Case-Laws Income Tax Wed, 27 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752463