https://www.taxtmi.com/caselaws?id=458098 ITAT Nagpur allowed deduction under section 80P(2)(a)(i) for interest income earned by a cooperative society on bank fixed deposits. The tribunal held that interest earned on investment of surplus funds maintained for operational purposes and deposit repayment contingencies qualifies for deduction under section 80P. The decision followed the precedent in Chattisgarh Urban Sahakari Sanstha Maryadit case, applying the doctrine of stare decisis. The tribunal set aside lower authorities' orders denying the deduction and ruled in favor of the assessee. en-us Thu, 05 May 2016 00:00:00 +0530 Tue, 08 Oct 2024 07:30:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458098 ITAT Nagpur allowed deduction under section 80P(2)(a)(i) for interest income earned by a cooperative society on bank fixed deposits. The tribunal held that interest earned on investment of surplus funds maintained for operational purposes and deposit repayment contingencies qualifies for deduction under section 80P. The decision followed the precedent in Chattisgarh Urban Sahakari Sanstha Maryadit case, applying the doctrine of stare decisis. The tribunal set aside lower authorities' orders denying the deduction and ruled in favor of the assessee. Case-Laws Income Tax Thu, 05 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458098