https://www.taxtmi.com/caselaws?id=769843 ITAT Mumbai allowed the appeal of a primary agricultural credit cooperative society. The tribunal held that the assessee was entitled to deduction u/s 80P(2)(a)(i) on interest income from term deposits as it was not a cooperative bank licensed by RBI. The disallowance u/s 40A(2)(b) of commission payments to agents and salary to a relative was deleted, finding the payments genuine and at market rates with proper documentation. The tribunal also ruled that rental income from telecom companies should be taxed under "Income from House Property" with allowable deductions u/s 24, not as "Income from Other Sources." en-us Tue, 29 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769843 ITAT Mumbai allowed the appeal of a primary agricultural credit cooperative society. The tribunal held that the assessee was entitled to deduction u/s 80P(2)(a)(i) on interest income from term deposits as it was not a cooperative bank licensed by RBI. The disallowance u/s 40A(2)(b) of commission payments to agents and salary to a relative was deleted, finding the payments genuine and at market rates with proper documentation. The tribunal also ruled that rental income from telecom companies should be taxed under "Income from House Property" with allowable deductions u/s 24, not as "Income from Other Sources." Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769843