https://www.taxtmi.com/caselaws?id=462841 The ITAT Pune ruled in favor of a credit cooperative society regarding deduction claims under sections 80P(2)(a)(i) and 80P(2)(d). The assessee earned Rs.8,84,993 as interest from fixed deposits with PDCC Bank and Rs.53,52,723 as commission income from electricity bill payment services. The tribunal held that interest income from investments in cooperative banks constitutes business income eligible for section 80P(2)(a)(i) deduction, following the precedent in Shri Vivekvardhini Nagari Sahakari case. The revenue failed to present material evidence justifying a different view from established tribunal decisions. The ITAT directed the Assessing Officer to allow exemptions under both sections 80P(2)(a)(i) and 80P(2)(d), allowing the assessee's appeal entirely. en-us Wed, 15 Jan 2025 00:00:00 +0530 Sat, 19 Jul 2025 15:55:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462841 The ITAT Pune ruled in favor of a credit cooperative society regarding deduction claims under sections 80P(2)(a)(i) and 80P(2)(d). The assessee earned Rs.8,84,993 as interest from fixed deposits with PDCC Bank and Rs.53,52,723 as commission income from electricity bill payment services. The tribunal held that interest income from investments in cooperative banks constitutes business income eligible for section 80P(2)(a)(i) deduction, following the precedent in Shri Vivekvardhini Nagari Sahakari case. The revenue failed to present material evidence justifying a different view from established tribunal decisions. The ITAT directed the Assessing Officer to allow exemptions under both sections 80P(2)(a)(i) and 80P(2)(d), allowing the assessee's appeal entirely. Case-Laws Income Tax Wed, 15 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462841