https://www.taxtmi.com/highlights?id=59269 Revision u/s 263 - Deduction u/s 80P(2)(a)(i) - interest income was received by the assessee on deposits - section 80P(2)(d) of the Act specifically exempts interest earned from funds invested in cooperative societies. - However, interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act. - The argument that co-operative Banks are also co-operative societies is without any basis - AT en-us Wed, 18 Aug 2021 16:56:37 +0530 Wed, 18 Aug 2021 16:56:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=59269 Revision u/s 263 - Deduction u/s 80P(2)(a)(i) - interest income was received by the assessee on deposits - section 80P(2)(d) of the Act specifically exempts interest earned from funds invested in cooperative societies. - However, interest earned from investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act. - The argument that co-operative Banks are also co-operative societies is without any basis - AT Highlights Income Tax Wed, 18 Aug 2021 16:56:37 +0530 https://www.taxtmi.com/highlights?id=59269