https://www.taxtmi.com/caselaws?id=461888 AT ruled in favor of the cooperative society on two key tax issues:First, interest income from savings bank accounts was deemed eligible for deduction under section 80P(2)(d), distinguishing the case from prior SC precedent by highlighting the deposits were not from retained member amounts. The Tribunal rejected Revenue's challenge, finding the interest income qualified for tax exemption.Second, the Tribunal upheld the Provident Fund deduction, accepting the CIT(A)'s reasoning that enhanced income remains eligible for section 80P deduction. The Revenue's appeal was ultimately dismissed on both grounds. en-us Wed, 15 Jul 2015 00:00:00 +0530 Tue, 06 May 2025 18:56:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461888 AT ruled in favor of the cooperative society on two key tax issues:First, interest income from savings bank accounts was deemed eligible for deduction under section 80P(2)(d), distinguishing the case from prior SC precedent by highlighting the deposits were not from retained member amounts. The Tribunal rejected Revenue's challenge, finding the interest income qualified for tax exemption.Second, the Tribunal upheld the Provident Fund deduction, accepting the CIT(A)'s reasoning that enhanced income remains eligible for section 80P deduction. The Revenue's appeal was ultimately dismissed on both grounds. Case-Laws Income Tax Wed, 15 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461888