https://www.taxtmi.com/caselaws?id=758338 ITAT Bangalore allowed assessee cooperative society's appeal for statistical purposes, remanding deduction claims under sections 80P(2)(a)(i) and 80P(2)(d) to AO for fresh consideration. Following SC precedent in Mavilayi Service Co-operative Bank Ltd., tribunal held cooperative societies providing credit facilities to members are entitled to section 80P(2)(a)(i) deduction. For section 80P(2)(d) claim, AO directed to verify if interest/dividend earned from cooperative society investments qualifies for deduction per Kerala State Co-operative Agricultural and Rural Development Bank Ltd. judgment. Regarding section 57 addition, tribunal clarified that if bank interest is taxed under "income from other sources," assessee entitled to relief under section 57. en-us Tue, 10 Sep 2024 00:00:00 +0530 Wed, 11 Sep 2024 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758338 ITAT Bangalore allowed assessee cooperative society's appeal for statistical purposes, remanding deduction claims under sections 80P(2)(a)(i) and 80P(2)(d) to AO for fresh consideration. Following SC precedent in Mavilayi Service Co-operative Bank Ltd., tribunal held cooperative societies providing credit facilities to members are entitled to section 80P(2)(a)(i) deduction. For section 80P(2)(d) claim, AO directed to verify if interest/dividend earned from cooperative society investments qualifies for deduction per Kerala State Co-operative Agricultural and Rural Development Bank Ltd. judgment. Regarding section 57 addition, tribunal clarified that if bank interest is taxed under "income from other sources," assessee entitled to relief under section 57. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758338