https://www.taxtmi.com/caselaws?id=755002 The Tribunal allowed the appeals filed by the appellant, a Co-operative Credit Society, and directed the Assessing Officer to grant exemption under section 80P(2)(a)(i) of the Income Tax Act, 1961, for interest income earned from deposits with Cooperative and Nationalised banks. The decision was based on the Tribunal's interpretation that such income qualifies as business income eligible for deduction. The Tribunal's order was pronounced on July 2, 2024, effectively overturning the previous decisions of the Assessing Officer and CIT(A)/NFAC. en-us Tue, 02 Jul 2024 00:00:00 +0530 Wed, 03 Jul 2024 15:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755002 The Tribunal allowed the appeals filed by the appellant, a Co-operative Credit Society, and directed the Assessing Officer to grant exemption under section 80P(2)(a)(i) of the Income Tax Act, 1961, for interest income earned from deposits with Cooperative and Nationalised banks. The decision was based on the Tribunal's interpretation that such income qualifies as business income eligible for deduction. The Tribunal's order was pronounced on July 2, 2024, effectively overturning the previous decisions of the Assessing Officer and CIT(A)/NFAC. Case-Laws Income Tax Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755002