ITAT Cochin Judgments — July 2017

The Tribunal held that interest earned on deposits with sub-treasuries by cooperative banks engaged in banking activities is eligible for deduction under Section 80P(2)(a)(i). Such income is considered business income and not income from other sources.

The Tribunal held that interest earned on deposits with sub-treasuries by cooperative banks is part of their banking activity and eligible for deduction under Section 80P(2)(a)(i). The reliance on the Totgars case was distinguished as not applicable to banking cooperative societies.

The Tribunal held that interest earned on deposits with sub-treasuries by cooperative banks engaged in banking activities is eligible for deduction under Section 80P(2)(a)(i). Such income is considered business income and not income from other sources.

The Tribunal held that interest earned on deposits with sub-treasuries by cooperative banks engaged in banking activities is eligible for deduction under Section 80P(2)(a)(i). Such income is considered business income and not income from other sources.

The Tribunal held that interest earned on deposits with sub-treasuries by cooperative banks engaged in banking activities is eligible for deduction under Section 80P(2)(a)(i). Such income is considered business income and not income from other sources.

The Tribunal held that interest earned on deposits with sub-treasuries by cooperative banks engaged in banking activities is eligible for deduction under Section 80P(2)(a)(i). Such income is considered business income and not income from other sources.