https://www.taxtmi.com/caselaws?id=767208 ITAT Kolkata allowed the assessee Cooperative Agricultural Society's deduction claim under section 80P(2)(a)(i) for interest income from nationalized banks. The tribunal held that since the original source of investments was income from activities listed in section 80P(2)(a)(i) to (vii), the character of such income must be preserved. The AO and CIT(Appeals) incorrectly disallowed the deduction arguing it should only apply to investments in cooperative societies, but the tribunal found this interpretation incorrect based on established precedents. en-us Wed, 26 Feb 2025 00:00:00 +0530 Wed, 12 Mar 2025 09:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767208 ITAT Kolkata allowed the assessee Cooperative Agricultural Society's deduction claim under section 80P(2)(a)(i) for interest income from nationalized banks. The tribunal held that since the original source of investments was income from activities listed in section 80P(2)(a)(i) to (vii), the character of such income must be preserved. The AO and CIT(Appeals) incorrectly disallowed the deduction arguing it should only apply to investments in cooperative societies, but the tribunal found this interpretation incorrect based on established precedents. Case-Laws Income Tax Wed, 26 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767208