https://www.taxtmi.com/caselaws?id=760054 The ITAT Pune ruled in favor of the appellant, a Cooperative Society, regarding the eligibility for exemption under Section 80P(2)(a)(i) of the Income Tax Act for interest income earned from Nationalised Banks. The Tribunal, aligning with the Co-ordinate Bench and Karnataka High Court's judgment, deemed the interest income akin to business income, thus allowing the exemption. Consequently, the Tribunal directed the Assessing Officer to permit the exemption, overturning the Addl./JCIT(A)'s decision and allowing the appeal filed by the appellant society. en-us Thu, 10 Oct 2024 00:00:00 +0530 Tue, 15 Oct 2024 08:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760054 The ITAT Pune ruled in favor of the appellant, a Cooperative Society, regarding the eligibility for exemption under Section 80P(2)(a)(i) of the Income Tax Act for interest income earned from Nationalised Banks. The Tribunal, aligning with the Co-ordinate Bench and Karnataka High Court's judgment, deemed the interest income akin to business income, thus allowing the exemption. Consequently, the Tribunal directed the Assessing Officer to permit the exemption, overturning the Addl./JCIT(A)'s decision and allowing the appeal filed by the appellant society. Case-Laws Income Tax Thu, 10 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760054