https://www.taxtmi.com/caselaws?id=782999 The ITAT Cochin allowed the assessee-cooperative society's appeal, holding it eligible for deduction under s. 80P(2)(a)(i) in respect of interest income earned from Treasury and Scheduled Banks. The Tribunal noted that the assessee's primary business is accepting deposits from members and providing credit facilities to them, and that the character of the interest income remains attributable to its banking/credit activities carried on with members. Relying on the binding precedent of the jurisdictional HC in Sahyadri Co-operative Credit Society, the ITAT held that such interest cannot be treated as "income from other sources" but is part of profits and gains of the business of banking/credit facilities to members, thus qualifying for deduction under s. 80P(2)(a)(i). en-us Fri, 28 Nov 2025 00:00:00 +0530 Mon, 08 Dec 2025 08:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782999 The ITAT Cochin allowed the assessee-cooperative society's appeal, holding it eligible for deduction under s. 80P(2)(a)(i) in respect of interest income earned from Treasury and Scheduled Banks. The Tribunal noted that the assessee's primary business is accepting deposits from members and providing credit facilities to them, and that the character of the interest income remains attributable to its banking/credit activities carried on with members. Relying on the binding precedent of the jurisdictional HC in Sahyadri Co-operative Credit Society, the ITAT held that such interest cannot be treated as "income from other sources" but is part of profits and gains of the business of banking/credit facilities to members, thus qualifying for deduction under s. 80P(2)(a)(i). Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782999