https://www.taxtmi.com/caselaws?id=797300 Section 80P deduction does not extend to interest on income-tax refunds, whose proximate source is statutory compensation for excess tax retained, or to interest on deposits with commercial banks, which is neither business income from the specified activity nor investment income from another co-operative society. Interest and dividends from investments with co-operative societies may qualify if verification establishes the investee entities' co-operative status and the statutory conditions. Excess contributions to an approved gratuity fund beyond the prescribed annual limit are not deductible. Interest paid for delayed deposit of tax deducted at source is not allowable as business expenditure. A challenge solely to initiation of penalty proceedings is premature and must be addressed in the separate penalty proceedings. en-us Mon, 10 Aug 2026 00:00:00 +0530 Thu, 20 Aug 2026 08:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797300 Section 80P deduction does not extend to interest on income-tax refunds, whose proximate source is statutory compensation for excess tax retained, or to interest on deposits with commercial banks, which is neither business income from the specified activity nor investment income from another co-operative society. Interest and dividends from investments with co-operative societies may qualify if verification establishes the investee entities' co-operative status and the statutory conditions. Excess contributions to an approved gratuity fund beyond the prescribed annual limit are not deductible. Interest paid for delayed deposit of tax deducted at source is not allowable as business expenditure. A challenge solely to initiation of penalty proceedings is premature and must be addressed in the separate penalty proceedings. Case-Laws Income Tax Mon, 10 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797300