https://www.taxtmi.com/caselaws?id=762918 The ITAT Nagpur allowed the appeal of a credit cooperative society registered under Maharashtra Cooperative Societies Act, 1960, which provides credit facilities to mine workers. The tribunal held that interest income earned by the cooperative society from investments with cooperative banks qualifies for deduction under section 80P(2)(a)(i), classifying such income as business income rather than income from other sources. The decision followed the precedent set in The Ismailia Urban Cooperative Society case, overturning the CIT(A)'s disallowance of the deduction. en-us Fri, 06 Dec 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762918 The ITAT Nagpur allowed the appeal of a credit cooperative society registered under Maharashtra Cooperative Societies Act, 1960, which provides credit facilities to mine workers. The tribunal held that interest income earned by the cooperative society from investments with cooperative banks qualifies for deduction under section 80P(2)(a)(i), classifying such income as business income rather than income from other sources. The decision followed the precedent set in The Ismailia Urban Cooperative Society case, overturning the CIT(A)'s disallowance of the deduction. Case-Laws Income Tax Fri, 06 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762918