https://www.taxtmi.com/caselaws?id=761864 ITAT Panaji allowed deduction u/s 80P(2)(a)(i) to primary agricultural credit cooperative society registered under Kerala Co-operative Societies Act, 1969. Following SC decision in Mavilayi Service Cooperative Bank Ltd., interest income from investments qualified as income from other sources eligible for deduction u/s 80P(2)(d). Court distinguished interest from cooperative banks (eligible for deduction) versus treasury/commercial banks (not eligible). Revenue's reliance on Totagars Cooperative Sales Society Ltd. was rejected as CIT(A)-NFAC had properly considered relevant case law favoring assessee. en-us Thu, 29 Aug 2024 00:00:00 +0530 Mon, 18 Nov 2024 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761864 ITAT Panaji allowed deduction u/s 80P(2)(a)(i) to primary agricultural credit cooperative society registered under Kerala Co-operative Societies Act, 1969. Following SC decision in Mavilayi Service Cooperative Bank Ltd., interest income from investments qualified as income from other sources eligible for deduction u/s 80P(2)(d). Court distinguished interest from cooperative banks (eligible for deduction) versus treasury/commercial banks (not eligible). Revenue's reliance on Totagars Cooperative Sales Society Ltd. was rejected as CIT(A)-NFAC had properly considered relevant case law favoring assessee. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761864