https://www.taxtmi.com/caselaws?id=462842 ITAT Pune allowed the assessee's appeal regarding disallowance of deduction under section 80P(2)(a)(i) for interest earned from cooperative bank. The tribunal held that interest income earned on fixed deposits with cooperative bank/scheduled bank constitutes business income eligible for deduction under section 80P(2)(a)(i). Following the precedent in Vivekvardhani Nagari Sahakari Patsanstha Ltd, the tribunal directed the AO to allow exemption under sections 80P(2)(a)(i) and 80P(2)(d). The appeal was allowed in favor of the assessee. en-us Fri, 28 Feb 2025 00:00:00 +0530 Fri, 18 Jul 2025 11:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462842 ITAT Pune allowed the assessee's appeal regarding disallowance of deduction under section 80P(2)(a)(i) for interest earned from cooperative bank. The tribunal held that interest income earned on fixed deposits with cooperative bank/scheduled bank constitutes business income eligible for deduction under section 80P(2)(a)(i). Following the precedent in Vivekvardhani Nagari Sahakari Patsanstha Ltd, the tribunal directed the AO to allow exemption under sections 80P(2)(a)(i) and 80P(2)(d). The appeal was allowed in favor of the assessee. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462842