https://www.taxtmi.com/caselaws?id=753669 An assessee judicially found not to be a co-operative bank remained eligible for deduction on its cooperative profits for later years because the denial based on section 80P(4) could not survive absent any material change in its bye-laws or activities. The sustained disallowance of contribution to an unapproved staff retirement benefit fund did not defeat the deduction claim, as the disallowance only enlarged the profit base on which section 80P operates. Interest on income-tax refund was held taxable as income from other sources and therefore outside the deduction provisions; that addition was confirmed. en-us Wed, 05 Jun 2024 00:00:00 +0530 Thu, 06 Jun 2024 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753669 An assessee judicially found not to be a co-operative bank remained eligible for deduction on its cooperative profits for later years because the denial based on section 80P(4) could not survive absent any material change in its bye-laws or activities. The sustained disallowance of contribution to an unapproved staff retirement benefit fund did not defeat the deduction claim, as the disallowance only enlarged the profit base on which section 80P operates. Interest on income-tax refund was held taxable as income from other sources and therefore outside the deduction provisions; that addition was confirmed. Case-Laws Income Tax Wed, 05 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753669