https://www.taxtmi.com/caselaws?id=755181 The ITAT Bangalore remitted the matter to the AO for fresh examination of deduction under section 80P(2)(a)(i) regarding interest received on investments with banks and co-operative banks. Following coordinate bench precedent in Basaveshwaranagara Co-operative Society case and SC decisions in Mavilayi Service Co-operative Bank Ltd. and Kerala State Co-operative Agricultural and Rural Development Bank Ltd., the tribunal held that interest/dividend income from co-operative society investments is entitled to deduction under section 80P(2)(d). The AO was directed to consider cost of funds as expenses under section 57 if interest income is charged as income from other sources. The assessee's appeal was allowed for statistical purposes. en-us Thu, 04 Jul 2024 00:00:00 +0530 Sat, 06 Jul 2024 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755181 The ITAT Bangalore remitted the matter to the AO for fresh examination of deduction under section 80P(2)(a)(i) regarding interest received on investments with banks and co-operative banks. Following coordinate bench precedent in Basaveshwaranagara Co-operative Society case and SC decisions in Mavilayi Service Co-operative Bank Ltd. and Kerala State Co-operative Agricultural and Rural Development Bank Ltd., the tribunal held that interest/dividend income from co-operative society investments is entitled to deduction under section 80P(2)(d). The AO was directed to consider cost of funds as expenses under section 57 if interest income is charged as income from other sources. The assessee's appeal was allowed for statistical purposes. Case-Laws Income Tax Thu, 04 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755181