Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible income.

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....The ITAT examined multiple section 80P claims of a co-operative credit society and applied the wider meaning of "attributable to" business of providing credit facilities. It allowed deduction on interest from investments, holding that surplus or statutory reserve deposits remained business-linked, and on ancillary receipts such as vehicle hire charges, locker rent, processing fee and membership-related charges. It denied deduction on staff-loan interest, e-stamping commission, miscellaneous receipts and insurance commission, while remitting loans against fixed deposits and counter-interest receipts for factual verification. It also deleted additions arising from internal branch-office interest entries and allowed Chapter VI-A deduction on business income enhanced by disallowances.....