https://www.taxtmi.com/caselaws?id=786420 Validity of a limited scrutiny notice for verifying a deduction claim is sustained because selection targeted examination of the 80P deduction, so the notice does not breach procedure and the appeal on that point is dismissed. The taxpayer, a registered cooperative society providing member credit, is entitled to the 80P deduction; assessing officer directed to allow it. Interest earned from a bank is to be treated as business income for 80P(2)(a)(i) purposes rather than other income, and deduction is granted accordingly. Accounting provisions for interest and non performing advances, mandated by cooperative law and RBI directions and prepared on a mercantile basis, are not disallowable. en-us Mon, 09 Feb 2026 00:00:00 +0530 Thu, 12 Feb 2026 09:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786420 Validity of a limited scrutiny notice for verifying a deduction claim is sustained because selection targeted examination of the 80P deduction, so the notice does not breach procedure and the appeal on that point is dismissed. The taxpayer, a registered cooperative society providing member credit, is entitled to the 80P deduction; assessing officer directed to allow it. Interest earned from a bank is to be treated as business income for 80P(2)(a)(i) purposes rather than other income, and deduction is granted accordingly. Accounting provisions for interest and non performing advances, mandated by cooperative law and RBI directions and prepared on a mercantile basis, are not disallowable. Case-Laws Income Tax Mon, 09 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786420