https://www.taxtmi.com/caselaws?id=760599 ITAT Ahmedabad upheld disallowance under Section 80P(2)(a)(i) for interest received from Bank of Baroda on FDRs, ruling that cooperative society's investment of surplus funds was not part of providing credit facilities to members. Court distinguished between banking business and credit facility provision, following Gujarat HC precedent. However, ITAT allowed deduction under Section 80P(2)(d) for interest from cooperative bank deposits, recognizing cooperative banks as cooperative societies eligible for such deduction based on amended Gujarat HC ruling. en-us Tue, 01 Oct 2024 00:00:00 +0530 Thu, 24 Oct 2024 08:15:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760599 ITAT Ahmedabad upheld disallowance under Section 80P(2)(a)(i) for interest received from Bank of Baroda on FDRs, ruling that cooperative society's investment of surplus funds was not part of providing credit facilities to members. Court distinguished between banking business and credit facility provision, following Gujarat HC precedent. However, ITAT allowed deduction under Section 80P(2)(d) for interest from cooperative bank deposits, recognizing cooperative banks as cooperative societies eligible for such deduction based on amended Gujarat HC ruling. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760599