https://www.taxtmi.com/caselaws?id=757103 ITAT Pune ruled in favor of a cooperative society regarding deduction under section 80P(2)(a)(i). The tribunal held that interest earned from nominal members and deposits with other banks during business operations qualifies for deduction as business income. Additionally, any disallowance under section 40(a)(ia) merely increases business income, which remains eligible for section 80P(2)(a)(i) deduction. The assessing officer was directed to allow deductions on interest income from members, nominal members, and bank deposits, as well as on enhanced business income resulting from disallowances. The appeal was allowed. en-us Thu, 09 May 2024 00:00:00 +0530 Fri, 16 Aug 2024 08:17:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757103 ITAT Pune ruled in favor of a cooperative society regarding deduction under section 80P(2)(a)(i). The tribunal held that interest earned from nominal members and deposits with other banks during business operations qualifies for deduction as business income. Additionally, any disallowance under section 40(a)(ia) merely increases business income, which remains eligible for section 80P(2)(a)(i) deduction. The assessing officer was directed to allow deductions on interest income from members, nominal members, and bank deposits, as well as on enhanced business income resulting from disallowances. The appeal was allowed. Case-Laws Income Tax Thu, 09 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757103