https://www.taxtmi.com/caselaws?id=459914 The ITAT Pune allowed deduction under section 80P(2)(a)(i) for interest income from nationalized banks earned by a cooperative society. The tribunal held that interest earned from surplus funds invested in nationalized banks was not alien to the society's primary business of providing credit facilities to members. Following the Karnataka HC precedent in Tumkur Merchants case, the tribunal ruled that such investment activity was attributable to the society's core business operations. The ITAT set aside the lower authority's order and directed the AO to grant the deduction, deciding in favor of the assessee. en-us Wed, 26 Oct 2022 00:00:00 +0530 Thu, 02 Jan 2025 23:38:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459914 The ITAT Pune allowed deduction under section 80P(2)(a)(i) for interest income from nationalized banks earned by a cooperative society. The tribunal held that interest earned from surplus funds invested in nationalized banks was not alien to the society's primary business of providing credit facilities to members. Following the Karnataka HC precedent in Tumkur Merchants case, the tribunal ruled that such investment activity was attributable to the society's core business operations. The ITAT set aside the lower authority's order and directed the AO to grant the deduction, deciding in favor of the assessee. Case-Laws Income Tax Wed, 26 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459914