https://www.taxtmi.com/caselaws?id=759870 ITAT Nagpur allowed the cooperative society's appeal regarding deduction under section 80P for interest income earned on deposits with nationalized banks. The AO had denied the deduction, treating interest income as ineligible under Chapter VIA. The Tribunal followed its coordinate bench decision in Ismailia Urban Co operative Society case, distinguishing it from the SC ruling in Totgars Co operative Sale Society Ltd. The Tribunal held that interest income earned by the cooperative society qualifies for deduction under section 80P, setting aside the CIT(A)'s order and allowing the assessee's claim. en-us Mon, 09 Sep 2024 00:00:00 +0530 Wed, 09 Oct 2024 09:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759870 ITAT Nagpur allowed the cooperative society's appeal regarding deduction under section 80P for interest income earned on deposits with nationalized banks. The AO had denied the deduction, treating interest income as ineligible under Chapter VIA. The Tribunal followed its coordinate bench decision in Ismailia Urban Co operative Society case, distinguishing it from the SC ruling in Totgars Co operative Sale Society Ltd. The Tribunal held that interest income earned by the cooperative society qualifies for deduction under section 80P, setting aside the CIT(A)'s order and allowing the assessee's claim. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759870