https://www.taxtmi.com/caselaws?id=295093 Section 80P(2)(d) permits a co-operative society to claim deduction for interest or dividend income derived from investments with another co-operative society, and the Tribunal treated a co-operative bank as falling within that expression for this purpose. It held that section 80P(4) restricts deductions for co-operative banks themselves, but does not deny deduction to a co-operative society receiving interest from such deposits. The reliance on Totgars was found misplaced because that decision concerned section 80P(2)(a)(i) and surplus funds, not deduction under section 80P(2)(d). The interest income was therefore deductible and the disallowance was deleted. en-us Fri, 26 Jul 2019 00:00:00 +0530 Wed, 19 May 2021 08:37:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295093 Section 80P(2)(d) permits a co-operative society to claim deduction for interest or dividend income derived from investments with another co-operative society, and the Tribunal treated a co-operative bank as falling within that expression for this purpose. It held that section 80P(4) restricts deductions for co-operative banks themselves, but does not deny deduction to a co-operative society receiving interest from such deposits. The reliance on Totgars was found misplaced because that decision concerned section 80P(2)(a)(i) and surplus funds, not deduction under section 80P(2)(d). The interest income was therefore deductible and the disallowance was deleted. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295093