https://www.taxtmi.com/caselaws?id=411127 The Tribunal upheld the Pr.CIT's order, ruling that the interest income earned by a co-operative society from deposits with co-operative banks is not eligible for deduction under section 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act. The Tribunal found the Assessing Officer's decision to allow the deduction erroneous and prejudicial to the interest of the Revenue, citing binding judicial decisions that clarified the tax treatment of such interest income. Consequently, the appeal of the assessee was dismissed, affirming that co-operative banks do not qualify as co-operative societies for the purposes of the relevant tax provisions. en-us Fri, 13 Aug 2021 00:00:00 +0530 Wed, 18 Aug 2021 09:27:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411127 The Tribunal upheld the Pr.CIT's order, ruling that the interest income earned by a co-operative society from deposits with co-operative banks is not eligible for deduction under section 80P(2)(a)(i) or 80P(2)(d) of the Income Tax Act. The Tribunal found the Assessing Officer's decision to allow the deduction erroneous and prejudicial to the interest of the Revenue, citing binding judicial decisions that clarified the tax treatment of such interest income. Consequently, the appeal of the assessee was dismissed, affirming that co-operative banks do not qualify as co-operative societies for the purposes of the relevant tax provisions. Case-Laws Income Tax Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411127