https://www.taxtmi.com/caselaws?id=456030 ITAT Bangalore remanded the matter to AO regarding disallowance of deduction under section 80P(2)(a)(i) for interest income from South Canara District Central Co-operative Bank Ltd. Following precedents in Bharat Co-operative Credit Society and Vasavamba Co-operative Society Ltd., the tribunal held that if investments were made under compulsions of Karnataka State Co-operative Societies Act, 1959 and Rules, the interest income would qualify for deduction as business income. AO directed to examine compliance with statutory requirements and allow deduction if investments were mandatory. Appeal allowed for statistical purposes. en-us Tue, 26 Sep 2023 00:00:00 +0530 Sat, 22 Jun 2024 07:17:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456030 ITAT Bangalore remanded the matter to AO regarding disallowance of deduction under section 80P(2)(a)(i) for interest income from South Canara District Central Co-operative Bank Ltd. Following precedents in Bharat Co-operative Credit Society and Vasavamba Co-operative Society Ltd., the tribunal held that if investments were made under compulsions of Karnataka State Co-operative Societies Act, 1959 and Rules, the interest income would qualify for deduction as business income. AO directed to examine compliance with statutory requirements and allow deduction if investments were mandatory. Appeal allowed for statistical purposes. Case-Laws Income Tax Tue, 26 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456030