https://www.taxtmi.com/caselaws?id=757369 The ITAT Bangalore allowed the assessee's appeal for statistical purposes, remanding the matter to the AO for examination. Following the precedent in Canara Bank Staff Credit Co-operative Societies Ltd., the Tribunal directed the AO to determine whether investments in co-operative banks were mandatory under the Karnataka Co-operative Societies Act. If compulsory, the interest income would qualify as business income eligible for deduction under section 80P(2)(a)(i). Alternatively, if not entitled to that benefit, the AO must examine eligibility for deduction under section 80P(2)(d) considering the SC judgment in Kerala State Co-operative Agricultural Rural Development case. en-us Tue, 06 Feb 2024 00:00:00 +0530 Thu, 22 Aug 2024 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757369 The ITAT Bangalore allowed the assessee's appeal for statistical purposes, remanding the matter to the AO for examination. Following the precedent in Canara Bank Staff Credit Co-operative Societies Ltd., the Tribunal directed the AO to determine whether investments in co-operative banks were mandatory under the Karnataka Co-operative Societies Act. If compulsory, the interest income would qualify as business income eligible for deduction under section 80P(2)(a)(i). Alternatively, if not entitled to that benefit, the AO must examine eligibility for deduction under section 80P(2)(d) considering the SC judgment in Kerala State Co-operative Agricultural Rural Development case. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757369