https://www.taxtmi.com/caselaws?id=773342 The Tribunal allowed the cooperative society's claim for deduction under section 80P for both commission income of Rs. 6,11,030 earned from MSEDCL and interest income on deposits with MSEDCL and Government Securities. The Tribunal held that commission income earned from collecting bills and dues on behalf of government entities constitutes banking activity eligible for section 80P(2)(a)(i) deduction, following the binding precedent in CIT vs. Ahmednagar Dist. Coop. Bank Ltd. The interest income on mandatory deposits made to comply with liquidity requirements was also deemed incidental to the society's main objects and qualified for deduction, as these were not surplus funds placed with scheduled banks. en-us Thu, 24 Apr 2025 00:00:00 +0530 Sat, 21 Jun 2025 08:28:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773342 The Tribunal allowed the cooperative society's claim for deduction under section 80P for both commission income of Rs. 6,11,030 earned from MSEDCL and interest income on deposits with MSEDCL and Government Securities. The Tribunal held that commission income earned from collecting bills and dues on behalf of government entities constitutes banking activity eligible for section 80P(2)(a)(i) deduction, following the binding precedent in CIT vs. Ahmednagar Dist. Coop. Bank Ltd. The interest income on mandatory deposits made to comply with liquidity requirements was also deemed incidental to the society's main objects and qualified for deduction, as these were not surplus funds placed with scheduled banks. Case-Laws Income Tax Thu, 24 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773342