https://www.taxtmi.com/caselaws?id=456711 ITAT Kolkata upheld CIT(A)'s decision allowing deduction u/s 80P(2)(a)(i) for interest on reserve funds, bad debt funds, PF loans, subsidy and guest house income, dismissing Revenue's appeals based on precedent from assessee's own case for AY 2008-09. However, regarding deduction claim for interest on bank fixed deposits, the matter was remanded to AO for fresh determination following verification of whether investments were made from surplus funds or member liabilities, as directed in Baksara Cooperative Credit Society Ltd. case. Cross objections allowed for statistical purposes. en-us Wed, 02 Mar 2016 00:00:00 +0530 Fri, 09 Aug 2024 20:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456711 ITAT Kolkata upheld CIT(A)'s decision allowing deduction u/s 80P(2)(a)(i) for interest on reserve funds, bad debt funds, PF loans, subsidy and guest house income, dismissing Revenue's appeals based on precedent from assessee's own case for AY 2008-09. However, regarding deduction claim for interest on bank fixed deposits, the matter was remanded to AO for fresh determination following verification of whether investments were made from surplus funds or member liabilities, as directed in Baksara Cooperative Credit Society Ltd. case. Cross objections allowed for statistical purposes. Case-Laws Income Tax Wed, 02 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456711