https://www.taxtmi.com/caselaws?id=456708 The ITAT Kolkata partially allowed the appeal, directing the AO to grant deductions under section 80P(2)(a)(i) of the IT Act for income from the Reserve Fund, Bad Debt Fund, SBF Loan, MSS Loan, and Guest House. It upheld the disallowance for interest income on Fixed Deposits, classifying it as 'Income from Other Sources.' The subsidy was allowed as it was non-capital in nature. The decision was influenced by the operational nature of the income and the Supreme Court's ruling in Totgars' Co-operative Sale Society Ltd. vs. ITO. The order was pronounced on 13.04.2012. en-us Fri, 13 Apr 2012 00:00:00 +0530 Sat, 10 Aug 2024 13:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456708 The ITAT Kolkata partially allowed the appeal, directing the AO to grant deductions under section 80P(2)(a)(i) of the IT Act for income from the Reserve Fund, Bad Debt Fund, SBF Loan, MSS Loan, and Guest House. It upheld the disallowance for interest income on Fixed Deposits, classifying it as 'Income from Other Sources.' The subsidy was allowed as it was non-capital in nature. The decision was influenced by the operational nature of the income and the Supreme Court's ruling in Totgars' Co-operative Sale Society Ltd. vs. ITO. The order was pronounced on 13.04.2012. Case-Laws Income Tax Fri, 13 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456708