https://www.taxtmi.com/caselaws?id=456713 ITAT Kolkata allowed cooperative society's appeal partially regarding deduction under section 80P(2)(a)(i). The tribunal restored the matter of interest income on fixed deposits to AO for fresh adjudication. Interest income from Reserve Fund, Bad Debt Fund, and MSSS was held eligible for deduction under section 80P(2)(a)(i), following precedent from assessee's own case for AY 2008-09. Subsidy received by assessee was allowed as deduction since it was non-capital in nature. Regarding ex-gratia provision, tribunal noted that disallowance would result in higher deduction under section 80P(2)(a)(i), causing no effect on tax liability. en-us Fri, 15 Dec 2017 00:00:00 +0530 Fri, 09 Aug 2024 20:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456713 ITAT Kolkata allowed cooperative society's appeal partially regarding deduction under section 80P(2)(a)(i). The tribunal restored the matter of interest income on fixed deposits to AO for fresh adjudication. Interest income from Reserve Fund, Bad Debt Fund, and MSSS was held eligible for deduction under section 80P(2)(a)(i), following precedent from assessee's own case for AY 2008-09. Subsidy received by assessee was allowed as deduction since it was non-capital in nature. Regarding ex-gratia provision, tribunal noted that disallowance would result in higher deduction under section 80P(2)(a)(i), causing no effect on tax liability. Case-Laws Income Tax Fri, 15 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456713