https://www.taxtmi.com/caselaws?id=458123 ITAT Nagpur allowed the appeal of a cooperative society regarding deduction under section 80P for interest income from banking business. The CIT(A) had upheld the AO's order denying the deduction, holding that interest income was not eligible. However, ITAT found the issue covered in favor of the assessee by multiple tribunal decisions and the jurisdictional HC ruling in CIT vs. Solapur Nagri Audyogik Sahakari Bank Ltd. The tribunal held that interest income from surplus funds deposited in banks constituted income from banking business eligible for deduction under section 80P(2)(a)(i), reversing the lower authorities' decision. en-us Tue, 18 Jun 2024 00:00:00 +0530 Tue, 05 May 2026 18:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458123 ITAT Nagpur allowed the appeal of a cooperative society regarding deduction under section 80P for interest income from banking business. The CIT(A) had upheld the AO's order denying the deduction, holding that interest income was not eligible. However, ITAT found the issue covered in favor of the assessee by multiple tribunal decisions and the jurisdictional HC ruling in CIT vs. Solapur Nagri Audyogik Sahakari Bank Ltd. The tribunal held that interest income from surplus funds deposited in banks constituted income from banking business eligible for deduction under section 80P(2)(a)(i), reversing the lower authorities' decision. Case-Laws Income Tax Tue, 18 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458123