https://www.taxtmi.com/caselaws?id=456607 ITAT Ahmedabad ruled on a cooperative society's deduction claims under section 80P(2). The tribunal denied deduction under sections 80P(2)(a)(i) and 80P(2)(c)(ii) for interest from nationalized commercial banks, holding such income taxable under section 56 as income from other sources since the banks were not members of the cooperative society. However, the tribunal allowed deduction under section 80P(2)(d) for interest from cooperative banks, directing the AO to verify these entities' registration status under cooperative societies acts. The revenue partially succeeded, with the CIT(A)'s order being set aside regarding commercial bank interest while maintaining consistency with prior decisions on cooperative bank interest. en-us Tue, 02 Apr 2024 00:00:00 +0530 Sat, 03 Aug 2024 15:18:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456607 ITAT Ahmedabad ruled on a cooperative society's deduction claims under section 80P(2). The tribunal denied deduction under sections 80P(2)(a)(i) and 80P(2)(c)(ii) for interest from nationalized commercial banks, holding such income taxable under section 56 as income from other sources since the banks were not members of the cooperative society. However, the tribunal allowed deduction under section 80P(2)(d) for interest from cooperative banks, directing the AO to verify these entities' registration status under cooperative societies acts. The revenue partially succeeded, with the CIT(A)'s order being set aside regarding commercial bank interest while maintaining consistency with prior decisions on cooperative bank interest. Case-Laws Income Tax Tue, 02 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456607