2026 (1) TMI 1662

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....TICE S.G.PANDIT AND THE HON'BLE MR. JUSTICE K. V. ARAVIND For the Appellant : (By Sri Mahesh R Uppin, Advocate) For the Respondents : (By Sri Thirumalesh, Advocate) ORAL JUDGMENT (PER: HON'BLE MR. JUSTICE K.V. ARAVIND) Heard Sri Mahesh R. Uppin, learned counsel for the appellant-Assessee and Sri Thirumalesh, learned Senior Standing Counsel for the respondents-Revenue. 2. ....

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....ng Officer held that since the interest income was assessable under the head "Income from Other Sources", the deduction claimed was not allowable. The Assessing Officer further held that the assessee was not entitled to deduction of such interest income under Section 80P(2)(a)(i) in view of Section 80P(2)(d) of the I.T. Act. 3.2 The Assessing Officer completed the assessment under Section 143(3....

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..... The assessee is a Society which claimed deduction under Section 80P(2) of the I.T. Act. The assessee had made deposits with the SCDCC Bank and nationalised bank and earned interest thereon. 6. Section 80P(1) of the I.T. Act enables a co-operative society to claim deduction of the income referred to in sub-section (2). Sub-section (2) provides for deduction in respect of the profits and gains ....