https://www.taxtmi.com/caselaws?id=461699 The ITAT Nagpur ruled in favor of the assessee cooperative bank regarding deduction under Section 80P(2)(a)(i) for interest income from bank deposits. The tribunal held that interest earned on surplus funds deposited with various banks constitutes income from banking business, making it eligible for deduction. The decision was supported by precedent from Bombay HC in Solapur Nagri Audyogic Sahakari Bank Ltd case, which established that income from investments made using banking business funds qualifies for the deduction. The revenue's appeal was dismissed. en-us Thu, 02 Jun 2016 00:00:00 +0530 Tue, 22 Apr 2025 19:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461699 The ITAT Nagpur ruled in favor of the assessee cooperative bank regarding deduction under Section 80P(2)(a)(i) for interest income from bank deposits. The tribunal held that interest earned on surplus funds deposited with various banks constitutes income from banking business, making it eligible for deduction. The decision was supported by precedent from Bombay HC in Solapur Nagri Audyogic Sahakari Bank Ltd case, which established that income from investments made using banking business funds qualifies for the deduction. The revenue's appeal was dismissed. Case-Laws Income Tax Thu, 02 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461699