https://www.taxtmi.com/caselaws?id=456041 ITAT Bangalore allowed the assessee's appeal for statistical purposes, directing the AO to re-examine whether interest income from Central Co-operative Bank investments was compulsory under Karnataka Co-operative Societies Act, 1959. If compulsory, such income qualifies as business income eligible for deduction under section 80P(2)(a)(i). The Tribunal followed precedent from Totgars Co-operative Sale Society Ltd case, restoring the matter to AO for fresh consideration with proper hearing opportunity for the assessee. en-us Tue, 12 Dec 2023 00:00:00 +0530 Sun, 23 Jun 2024 21:58:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456041 ITAT Bangalore allowed the assessee's appeal for statistical purposes, directing the AO to re-examine whether interest income from Central Co-operative Bank investments was compulsory under Karnataka Co-operative Societies Act, 1959. If compulsory, such income qualifies as business income eligible for deduction under section 80P(2)(a)(i). The Tribunal followed precedent from Totgars Co-operative Sale Society Ltd case, restoring the matter to AO for fresh consideration with proper hearing opportunity for the assessee. Case-Laws Income Tax Tue, 12 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456041