https://www.taxtmi.com/caselaws?id=755428 The Tribunal upheld the disallowance of the deduction under section 80P for interest income from cooperative and scheduled banks, ruling that such income does not qualify for deductions under the specified sections. The Tribunal directed the AO to verify whether interest or dividends originated from investments with Cooperative Societies and to reconsider the treatment of interest income from banks as 'Income from Other Sources,' potentially allowing relief under section 57. The appeal was partly allowed for statistical purposes, with the issue remanded to the AO for further verification and consideration. en-us Tue, 09 Jul 2024 00:00:00 +0530 Thu, 11 Jul 2024 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755428 The Tribunal upheld the disallowance of the deduction under section 80P for interest income from cooperative and scheduled banks, ruling that such income does not qualify for deductions under the specified sections. The Tribunal directed the AO to verify whether interest or dividends originated from investments with Cooperative Societies and to reconsider the treatment of interest income from banks as 'Income from Other Sources,' potentially allowing relief under section 57. The appeal was partly allowed for statistical purposes, with the issue remanded to the AO for further verification and consideration. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755428