https://www.taxtmi.com/caselaws?id=759428 ITAT Mumbai allowed the appeal, condoning a 131-day delay in filing before CIT(A) due to the promoter's health issues. The tribunal held CIT(A) erred in rejecting the condonation application without confronting the appellant. On merits, following Supreme Court precedent in Mavilayi Service Co-operative Bank Ltd., the tribunal ruled that Section 80P(4) restrictions apply only to cooperative societies holding RBI banking licenses. Since the assessee lacked RBI registration or banking license, it remained eligible for deductions under Section 80P(2)(a)(i) for credit facility income and Section 80P(2)(d) for interest from cooperative banks. en-us Tue, 24 Sep 2024 00:00:00 +0530 Mon, 30 Sep 2024 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759428 ITAT Mumbai allowed the appeal, condoning a 131-day delay in filing before CIT(A) due to the promoter's health issues. The tribunal held CIT(A) erred in rejecting the condonation application without confronting the appellant. On merits, following Supreme Court precedent in Mavilayi Service Co-operative Bank Ltd., the tribunal ruled that Section 80P(4) restrictions apply only to cooperative societies holding RBI banking licenses. Since the assessee lacked RBI registration or banking license, it remained eligible for deductions under Section 80P(2)(a)(i) for credit facility income and Section 80P(2)(d) for interest from cooperative banks. Case-Laws Income Tax Tue, 24 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759428