Interest Income from Business Investments by Co-operative Society Eligible for Deduction u/s 80P(2)(a): ITAT

The Income Tax Appellate Tribunal (ITAT) ruled that interest income generated from business-related investments by a cooperative society is eligible for deductions under Section 80P of the Income Tax Act. The court emphasized that the deduction is valid for income derived from business activities and not incidental income, thereby allowing such societies to claim tax benefits. This judgment clarifies the scope of deductions under Section 80P, particularly for cooperative societies involved in business activities and providing them with further relief in tax filings.