https://www.taxtmi.com/caselaws?id=760670 ITAT Pune ruled in favor of the assessee cooperative society regarding deduction under Section 80P(2). The tribunal held that interest income earned from investments with other cooperative societies and banks qualifies for deduction under Section 80P(2)(a)(i) as it arises in the course of regular business activities. Following the AP HC precedent in Vavveru Co-operative Rural Bank Ltd., the tribunal determined that such interest income from banking operations constitutes eligible business income for cooperative societies, rejecting the revenue's contrary position. en-us Tue, 01 Oct 2024 00:00:00 +0530 Thu, 24 Oct 2024 16:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760670 ITAT Pune ruled in favor of the assessee cooperative society regarding deduction under Section 80P(2). The tribunal held that interest income earned from investments with other cooperative societies and banks qualifies for deduction under Section 80P(2)(a)(i) as it arises in the course of regular business activities. Following the AP HC precedent in Vavveru Co-operative Rural Bank Ltd., the tribunal determined that such interest income from banking operations constitutes eligible business income for cooperative societies, rejecting the revenue's contrary position. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760670