https://www.taxtmi.com/caselaws?id=761089 The ITAT Raipur allowed a co-operative society's claim for deduction under section 80P(2)(a)(i) on interest income from bank deposits of surplus funds. The AO had disallowed the deduction by treating interest income as income from other sources rather than business income. The tribunal followed the precedent in Gramin Sewa Sahakari Samiti Maryadit case and held that interest earned on surplus funds by co-operative societies qualifies for the deduction, setting aside the AO's disallowance. en-us Thu, 24 Oct 2024 00:00:00 +0530 Tue, 05 Nov 2024 07:37:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761089 The ITAT Raipur allowed a co-operative society's claim for deduction under section 80P(2)(a)(i) on interest income from bank deposits of surplus funds. The AO had disallowed the deduction by treating interest income as income from other sources rather than business income. The tribunal followed the precedent in Gramin Sewa Sahakari Samiti Maryadit case and held that interest earned on surplus funds by co-operative societies qualifies for the deduction, setting aside the AO's disallowance. Case-Laws Income Tax Thu, 24 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761089