https://www.taxtmi.com/caselaws?id=462716 Interest income from fixed deposits kept with a co-operative bank may qualify for deduction under section 80P(2)(i), read with the exclusionary framework of section 80P(4) and the distinction between a co-operative bank and a primary agricultural credit society. On that footing, a penalty under section 271(1)(c) or section 271A cannot be sustained merely because the related quantum addition was not separately challenged, where the underlying claim was legally eligible. The text therefore states that the penalty orders and appellate confirmation were set aside and the assessee succeeded. en-us Thu, 27 Feb 2025 00:00:00 +0530 Thu, 10 Jul 2025 12:20:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462716 Interest income from fixed deposits kept with a co-operative bank may qualify for deduction under section 80P(2)(i), read with the exclusionary framework of section 80P(4) and the distinction between a co-operative bank and a primary agricultural credit society. On that footing, a penalty under section 271(1)(c) or section 271A cannot be sustained merely because the related quantum addition was not separately challenged, where the underlying claim was legally eligible. The text therefore states that the penalty orders and appellate confirmation were set aside and the assessee succeeded. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462716