https://www.taxtmi.com/caselaws?id=770234 ITAT Delhi dismissed the assessee's appeal regarding deduction under Section 80P(2)(d). The cooperative society claimed exemption on interest income earned from bank deposits, arguing it was part of providing credit facilities to members. The tribunal held that depositing funds in banks and earning interest thereon cannot be considered operational income of the society. Following the Karnataka HC precedent in Totagars Co-operative Sales Society Ltd, the tribunal ruled that interest income from bank deposits is not attributable to the society's core business of providing credit facilities to members, thus not eligible for Section 80P(2)(d) deduction. en-us Wed, 30 Apr 2025 00:00:00 +0530 Thu, 08 May 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770234 ITAT Delhi dismissed the assessee's appeal regarding deduction under Section 80P(2)(d). The cooperative society claimed exemption on interest income earned from bank deposits, arguing it was part of providing credit facilities to members. The tribunal held that depositing funds in banks and earning interest thereon cannot be considered operational income of the society. Following the Karnataka HC precedent in Totagars Co-operative Sales Society Ltd, the tribunal ruled that interest income from bank deposits is not attributable to the society's core business of providing credit facilities to members, thus not eligible for Section 80P(2)(d) deduction. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770234