https://www.taxtmi.com/caselaws?id=402173 The ITAT ruled in favor of the assessee, allowing the appeal and emphasizing the importance of following legal precedents. They held that interest income earned by a cooperative society from investments with a cooperative bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act. The ITAT criticized the lower authorities for not adhering to judicial hierarchy and precedence, ultimately setting aside their decisions and affirming the right of cooperative societies to claim such deductions based on multiple decisions from various courts and a CBDT Circular. en-us Wed, 25 Nov 2020 00:00:00 +0530 Thu, 24 Dec 2020 23:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402173 The ITAT ruled in favor of the assessee, allowing the appeal and emphasizing the importance of following legal precedents. They held that interest income earned by a cooperative society from investments with a cooperative bank is eligible for deduction under section 80P(2)(d) of the Income Tax Act. The ITAT criticized the lower authorities for not adhering to judicial hierarchy and precedence, ultimately setting aside their decisions and affirming the right of cooperative societies to claim such deductions based on multiple decisions from various courts and a CBDT Circular. Case-Laws Income Tax Wed, 25 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402173