https://www.taxtmi.com/caselaws?id=465199 The ITAT set aside the orders denying deduction u/s 80P(2)(a)(i) on interest from fixed deposits and remanded the matter to the AO. It held that the AO and CIT(A) failed to properly examine the assessee's submissions and documentary evidence that credit facilities and investments were confined to its members, including associate and nominal members, and whether it functioned as a co-operative society eligible under s.80P. The AO was directed to reconsider the claim in light of the evidence and applicable judicial precedents. The ITAT also remanded the assessee's claim for deduction u/s 57(iii), directing the AO to verify the nexus of proportionate expenses with taxable interest income. en-us Wed, 23 Oct 2024 00:00:00 +0530 Tue, 09 Dec 2025 17:31:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465199 The ITAT set aside the orders denying deduction u/s 80P(2)(a)(i) on interest from fixed deposits and remanded the matter to the AO. It held that the AO and CIT(A) failed to properly examine the assessee's submissions and documentary evidence that credit facilities and investments were confined to its members, including associate and nominal members, and whether it functioned as a co-operative society eligible under s.80P. The AO was directed to reconsider the claim in light of the evidence and applicable judicial precedents. The ITAT also remanded the assessee's claim for deduction u/s 57(iii), directing the AO to verify the nexus of proportionate expenses with taxable interest income. Case-Laws Income Tax Wed, 23 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465199