https://www.taxtmi.com/caselaws?id=766910 The ITAT Indore dismissed the assessee's appeal regarding disallowance under section 80P. The cooperative society earned interest from scheduled banks, which the AO treated as Income From Other Sources, denying section 80P deduction benefits. The CIT(A) confirmed this treatment. The ITAT held that the Nawanshahar Central Cooperative Bank precedent was inapplicable since the assessee was merely a cooperative society providing credit facilities to members, not a licensed cooperative bank. CBDT Circular No.18/2015 also did not apply as it pertained only to entities registered under the Banking Act 1949. The appeal was dismissed with no merit found in the assessee's arguments. en-us Fri, 28 Feb 2025 00:00:00 +0530 Thu, 06 Mar 2025 07:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766910 The ITAT Indore dismissed the assessee's appeal regarding disallowance under section 80P. The cooperative society earned interest from scheduled banks, which the AO treated as Income From Other Sources, denying section 80P deduction benefits. The CIT(A) confirmed this treatment. The ITAT held that the Nawanshahar Central Cooperative Bank precedent was inapplicable since the assessee was merely a cooperative society providing credit facilities to members, not a licensed cooperative bank. CBDT Circular No.18/2015 also did not apply as it pertained only to entities registered under the Banking Act 1949. The appeal was dismissed with no merit found in the assessee's arguments. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766910