https://www.taxtmi.com/caselaws?id=465175 ITAT Bangalore set aside the assessment and remanded the matter to the AO for de novo adjudication of the assessee-cooperative society's claim for deduction under ss. 80P(2)(a)(i) and 80P(2)(d). Relying on the SC ruling in Mavilayi, the Tribunal directed the AO to examine whether the assessee is a cooperative society providing credit facilities only to its members and, if so, to allow deduction under s. 80P(2)(a)(i) notwithstanding interest from a cooperative bank. For s. 80P(2)(d), the AO was instructed to verify if interest/dividend arises from investments in cooperative societies and allow deduction accordingly. If interest from banks is taxed as "Income from other sources," proportionate relief under s. 57 must be granted. en-us Tue, 06 Feb 2024 00:00:00 +0530 Tue, 09 Dec 2025 13:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465175 ITAT Bangalore set aside the assessment and remanded the matter to the AO for de novo adjudication of the assessee-cooperative society's claim for deduction under ss. 80P(2)(a)(i) and 80P(2)(d). Relying on the SC ruling in Mavilayi, the Tribunal directed the AO to examine whether the assessee is a cooperative society providing credit facilities only to its members and, if so, to allow deduction under s. 80P(2)(a)(i) notwithstanding interest from a cooperative bank. For s. 80P(2)(d), the AO was instructed to verify if interest/dividend arises from investments in cooperative societies and allow deduction accordingly. If interest from banks is taxed as "Income from other sources," proportionate relief under s. 57 must be granted. Case-Laws Income Tax Tue, 06 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465175