https://www.taxtmi.com/caselaws?id=754814 ITAT Pune allowed the appeal of a credit co-operative society registered under Maharashtra Co-operative Societies Act regarding deduction under section 80P. The society earned interest by depositing surplus funds not immediately required for its primary function of accepting deposits and advancing loans to members. Following Vavveru Co-operative Rural Bank Ltd HC decision, which distinguished Totagar Cooperative Sale Society SC ruling, the tribunal held that interest income earned by investing surplus funds derived from business was eligible for deduction under section 80P(2)(a) rather than 80P(2)(d). en-us Wed, 26 Jun 2024 00:00:00 +0530 Mon, 01 Jul 2024 08:32:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754814 ITAT Pune allowed the appeal of a credit co-operative society registered under Maharashtra Co-operative Societies Act regarding deduction under section 80P. The society earned interest by depositing surplus funds not immediately required for its primary function of accepting deposits and advancing loans to members. Following Vavveru Co-operative Rural Bank Ltd HC decision, which distinguished Totagar Cooperative Sale Society SC ruling, the tribunal held that interest income earned by investing surplus funds derived from business was eligible for deduction under section 80P(2)(a) rather than 80P(2)(d). Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754814