https://www.taxtmi.com/caselaws?id=754410 Interest from investments with a co-operative bank was generally treated as income from other sources and not eligible for deduction under section 80P, but the assessee's distinct claim was that the investments were compulsory under the Karnataka Co-operative Societies Act, 1959 and the relevant Rules. That statutory-compulsion question had not been examined by the first appellate authority. The Tribunal therefore restored the matter to the Assessing Officer to determine whether the investments were mandatory under the statutory scheme; if so, the interest may take the character of business income and deduction under section 80P(2)(a)(i) would be admissible. en-us Tue, 09 Jan 2024 00:00:00 +0530 Sat, 22 Jun 2024 09:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754410 Interest from investments with a co-operative bank was generally treated as income from other sources and not eligible for deduction under section 80P, but the assessee's distinct claim was that the investments were compulsory under the Karnataka Co-operative Societies Act, 1959 and the relevant Rules. That statutory-compulsion question had not been examined by the first appellate authority. The Tribunal therefore restored the matter to the Assessing Officer to determine whether the investments were mandatory under the statutory scheme; if so, the interest may take the character of business income and deduction under section 80P(2)(a)(i) would be admissible. Case-Laws Income Tax Tue, 09 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754410