https://www.taxtmi.com/caselaws?id=468335 Interest earned by a cooperative society on fixed deposits placed with cooperative banks and scheduled banks was treated as attributable to its business activities and, on that basis, qualified for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The ITAT Pune noted conflicting High Court views but followed the view favourable to the assessee and the coordinate bench decision relied upon. The issue was decided in favour of the cooperative society, with the interest income held deductible under the provision. en-us Fri, 26 May 2023 00:00:00 +0530 Wed, 29 Apr 2026 11:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468335 Interest earned by a cooperative society on fixed deposits placed with cooperative banks and scheduled banks was treated as attributable to its business activities and, on that basis, qualified for deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961. The ITAT Pune noted conflicting High Court views but followed the view favourable to the assessee and the coordinate bench decision relied upon. The issue was decided in favour of the cooperative society, with the interest income held deductible under the provision. Case-Laws Income Tax Fri, 26 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468335