https://www.taxtmi.com/caselaws?id=461702 A co-operative credit society's entitlement to deduction under section 80P(2)(a)(i) on interest income from deposits with a nationalised bank was considered in light of conflicting High Court views. The Tribunal treated the issue as settled in favour of deduction where no binding jurisdictional High Court precedent exists, and followed earlier Pune Bench decisions supporting the assessee. It preferred the view favourable to the co-operative society over the contrary Delhi High Court view, while noting the Karnataka High Court had allowed the deduction. On that basis, the interest income from bank deposits qualified for deduction under section 80P(2)(a)(i). en-us Tue, 16 May 2023 00:00:00 +0530 Tue, 22 Apr 2025 19:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461702 A co-operative credit society's entitlement to deduction under section 80P(2)(a)(i) on interest income from deposits with a nationalised bank was considered in light of conflicting High Court views. The Tribunal treated the issue as settled in favour of deduction where no binding jurisdictional High Court precedent exists, and followed earlier Pune Bench decisions supporting the assessee. It preferred the view favourable to the co-operative society over the contrary Delhi High Court view, while noting the Karnataka High Court had allowed the deduction. On that basis, the interest income from bank deposits qualified for deduction under section 80P(2)(a)(i). Case-Laws Income Tax Tue, 16 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461702