https://www.taxtmi.com/caselaws?id=756840 ITAT Chennai-AT allowed the appeal of a co-operative society formed by Tamil Nadu Government through Social Welfare Department. The tribunal held that interest income from State Bank of India and Tamil Nadu Industrial Co-operative Bank deposits constituted regular business operations of the cottage industry. Relying on Tumkur Merchants Souharda Credit Co-operative Ltd case, the tribunal ruled that interest from idle funds deposits was attributable to business profits. The assessee was entitled to deduction under Section 80P(2)(a)(ii) for entire income including interest earnings, overturning lower authorities' disallowance. en-us Wed, 07 Aug 2024 00:00:00 +0530 Fri, 09 Aug 2024 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756840 ITAT Chennai-AT allowed the appeal of a co-operative society formed by Tamil Nadu Government through Social Welfare Department. The tribunal held that interest income from State Bank of India and Tamil Nadu Industrial Co-operative Bank deposits constituted regular business operations of the cottage industry. Relying on Tumkur Merchants Souharda Credit Co-operative Ltd case, the tribunal ruled that interest from idle funds deposits was attributable to business profits. The assessee was entitled to deduction under Section 80P(2)(a)(ii) for entire income including interest earnings, overturning lower authorities' disallowance. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756840