https://www.taxtmi.com/caselaws?id=456206 ITAT Bangalore ruled on deduction under section 80P(2)(a)(i) for interest received by cooperative society from banks and cooperative banks. Following SC precedent in Mavilayi Service Co-operative Bank Ltd., tribunal held that cooperative societies providing credit facilities to members are entitled to deduction under section 80P(2)(a)(i). Section 80P(4) excludes only cooperative banks with RBI banking license. Matter remanded to AO for fresh consideration following SC dictum. Additionally, if interest is treated as income from other sources, relief under section 57(iii) to be granted. Appeals partly allowed for statistical purposes. en-us Tue, 23 Apr 2024 00:00:00 +0530 Sat, 06 Jul 2024 06:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456206 ITAT Bangalore ruled on deduction under section 80P(2)(a)(i) for interest received by cooperative society from banks and cooperative banks. Following SC precedent in Mavilayi Service Co-operative Bank Ltd., tribunal held that cooperative societies providing credit facilities to members are entitled to deduction under section 80P(2)(a)(i). Section 80P(4) excludes only cooperative banks with RBI banking license. Matter remanded to AO for fresh consideration following SC dictum. Additionally, if interest is treated as income from other sources, relief under section 57(iii) to be granted. Appeals partly allowed for statistical purposes. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456206