Case Law Analysis
|Income Tax Appellate Tribunal
Section 80P(2)(a)(i) IT Act | Interest on Statutory Deposits by Cooperative Societies is Business Income : ITAT Bangalore
ITAT Bangalore rules that interest earned on statutorily mandated deposits by cooperative societies is attributable to their business and qualifies for deduction under Section 80P(2)(a)(i). This clarifies that such income is not taxable as 'other income' but as part of the society's core operations, impacting cooperative societies' tax liability.