https://www.taxtmi.com/caselaws?id=773883 ITAT Pune held that a cooperative credit society was entitled to deduction under Section 80P(2)(a)(i) on interest income earned from deposits with cooperative and nationalized banks. The tribunal relied on AP & TS HC and Kerala HC decisions, which established that interest income from investing business-derived funds retains its character and qualifies for deduction. The Kerala HC ruling, issued after the Supreme Court's Totagar decision, confirmed that interest from permitted bank deposits remains eligible for Section 80P deduction. The assessee's appeal was allowed. en-us Wed, 18 Jun 2025 00:00:00 +0530 Sat, 28 Jun 2025 10:39:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773883 ITAT Pune held that a cooperative credit society was entitled to deduction under Section 80P(2)(a)(i) on interest income earned from deposits with cooperative and nationalized banks. The tribunal relied on AP & TS HC and Kerala HC decisions, which established that interest income from investing business-derived funds retains its character and qualifies for deduction. The Kerala HC ruling, issued after the Supreme Court's Totagar decision, confirmed that interest from permitted bank deposits remains eligible for Section 80P deduction. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 18 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773883