https://www.taxtmi.com/caselaws?id=766910 Interest earned by a co-operative credit society on surplus funds placed in bank deposits was not fully deductible under section 80P. The Tribunal held that the society was not a co-operative bank, so the ruling in Nawanshahar Central Cooperative Bank Ltd. and the CBDT circular relied on by the assessee did not apply. It accepted the Commissioner (Appeals)'s restricted relief, which allowed deduction only to the extent linked to the reserve amount required under the State Societies Act and permitted related expenditure against interest treated as income from other sources. No further deduction was available on the disputed bank interest, and the partial allowance was upheld. en-us Fri, 28 Feb 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766910 Interest earned by a co-operative credit society on surplus funds placed in bank deposits was not fully deductible under section 80P. The Tribunal held that the society was not a co-operative bank, so the ruling in Nawanshahar Central Cooperative Bank Ltd. and the CBDT circular relied on by the assessee did not apply. It accepted the Commissioner (Appeals)'s restricted relief, which allowed deduction only to the extent linked to the reserve amount required under the State Societies Act and permitted related expenditure against interest treated as income from other sources. No further deduction was available on the disputed bank interest, and the partial allowance was upheld. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766910