https://www.taxtmi.com/caselaws?id=456175 ITAT Lucknow remitted the matter to AO for fresh adjudication regarding deduction u/s 80P on interest earned by co-operative society from deposits with banks. The tribunal noted that interest on deposits statutorily required under UP Co-operative Societies Act may be attributable to business activities, following SC precedent in Totgars Co-operative Sale Society Limited. However, specific figures for interest on statutory reserves were unavailable, and bye-laws required examination by AO considering additional documents filed before SC. Revenue's appeal allowed for statistical purposes. en-us Thu, 01 Sep 2022 00:00:00 +0530 Thu, 04 Jul 2024 23:20:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456175 ITAT Lucknow remitted the matter to AO for fresh adjudication regarding deduction u/s 80P on interest earned by co-operative society from deposits with banks. The tribunal noted that interest on deposits statutorily required under UP Co-operative Societies Act may be attributable to business activities, following SC precedent in Totgars Co-operative Sale Society Limited. However, specific figures for interest on statutory reserves were unavailable, and bye-laws required examination by AO considering additional documents filed before SC. Revenue's appeal allowed for statistical purposes. Case-Laws Income Tax Thu, 01 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456175