https://www.taxtmi.com/caselaws?id=760098 ITAT Ahmedabad allowed the assessee cooperative society's appeal on three key issues. The tribunal held that interest and dividend income from cooperative banks qualifies for deduction under Section 80P(2)(d), being consistent with legislative intent to promote cooperative activities. The assessee was also granted the standard Rs. 50,000 deduction under Section 80P(2)(c)(ii) as a cooperative society engaged in milk collection and marketing activities not specified under other subsections. Additionally, the tribunal ruled that a government grant under RKVY scheme did not constitute taxable income as it was restricted by purpose and subject to refund obligations, qualifying as capital receipt rather than revenue income. en-us Thu, 03 Oct 2024 00:00:00 +0530 Wed, 16 Oct 2024 08:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760098 ITAT Ahmedabad allowed the assessee cooperative society's appeal on three key issues. The tribunal held that interest and dividend income from cooperative banks qualifies for deduction under Section 80P(2)(d), being consistent with legislative intent to promote cooperative activities. The assessee was also granted the standard Rs. 50,000 deduction under Section 80P(2)(c)(ii) as a cooperative society engaged in milk collection and marketing activities not specified under other subsections. Additionally, the tribunal ruled that a government grant under RKVY scheme did not constitute taxable income as it was restricted by purpose and subject to refund obligations, qualifying as capital receipt rather than revenue income. Case-Laws Income Tax Thu, 03 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760098