https://www.taxtmi.com/caselaws?id=405334 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to allow the assessee's claim for deduction under section 80P(2)(d) of the Income Tax Act, 1961. The Tribunal held that the assessee did not qualify as a cooperative bank under section 80P(4) as it did not engage in banking business with the public and lacked the necessary RBI license. Therefore, the interest earned on fixed deposits in cooperative societies was eligible for exemption under section 80P(2)(d). en-us Thu, 11 Mar 2021 00:00:00 +0530 Thu, 18 Mar 2021 09:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405334 The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s decision to allow the assessee's claim for deduction under section 80P(2)(d) of the Income Tax Act, 1961. The Tribunal held that the assessee did not qualify as a cooperative bank under section 80P(4) as it did not engage in banking business with the public and lacked the necessary RBI license. Therefore, the interest earned on fixed deposits in cooperative societies was eligible for exemption under section 80P(2)(d). Case-Laws Income Tax Thu, 11 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405334