https://www.taxtmi.com/caselaws?id=782009 ITAT allowed the claim of deduction u/s 80P(2)(a)(i) to the assessee-cooperative society on interest income earned from statutory investments in fixed deposits with cooperative and scheduled banks, made in compliance with the Karnataka Cooperative Societies Act, 1959. The Tribunal held that such interest is attributable to the business of the assessee and forms part of its profits and gains of business, eligible for full deduction under s.80P(2)(a)(i), and cannot be taxed as "income from other sources". It distinguished HC precedent rendered in the context of s.80P(2)(d) and relied on SC authority mandating a liberal construction of s.80P. en-us Tue, 30 Sep 2025 00:00:00 +0530 Fri, 21 Nov 2025 15:15:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782009 ITAT allowed the claim of deduction u/s 80P(2)(a)(i) to the assessee-cooperative society on interest income earned from statutory investments in fixed deposits with cooperative and scheduled banks, made in compliance with the Karnataka Cooperative Societies Act, 1959. The Tribunal held that such interest is attributable to the business of the assessee and forms part of its profits and gains of business, eligible for full deduction under s.80P(2)(a)(i), and cannot be taxed as "income from other sources". It distinguished HC precedent rendered in the context of s.80P(2)(d) and relied on SC authority mandating a liberal construction of s.80P. Case-Laws Income Tax Tue, 30 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782009