Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
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Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society registered in Rajasthan, claimed deduction on interest received from another cooperative society operating as a cooperative bank. The ITAT held that the assessee is entitled to the deduction, relying on Section 22 of the Regional Rural Bank Act, 1976, which deems Regional Rural Banks as cooperative societies for income tax purposes. Despite a CBDT circular restricting deduction for Regional Rural Banks, the ITAT ruled that it cannot override the statutory provision. As the assessee is a cooperative society and not a Regional Rural Bank, it is eligible for deduction on interest earned from deposits in the cooperative bank u/s 80P(2)(d).
Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society registered in Rajasthan, claimed deduction on interest received from another cooperative society operating as a cooperative bank. The ITAT held that the assessee is entitled to the deduction, relying on Section 22 of the Regional Rural Bank Act, 1976, which deems Regional Rural Banks as cooperative societies for income tax purposes. Despite a CBDT circular restricting deduction for Regional Rural Banks, the ITAT ruled that it cannot override the statutory provision. As the assessee is a cooperative society and not a Regional Rural Bank, it is eligible for deduction on interest earned from deposits in the cooperative bank u/s 80P(2)(d).
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