https://www.taxtmi.com/caselaws?id=428699 The ITAT Surat upheld the allowance of a deduction under Section 80P(2)(d) of the Income Tax Act for interest earned from Co-operative Banks by a co-operative society. The tribunal relied on the precedent set by the High Court of Gujarat, distinguishing between deductions under Sections 80P(2)(a) and 80P(2)(d) and emphasizing the eligibility of cooperative societies to claim deductions for interest received from cooperative banks. The tribunal dismissed the Revenue's appeal and affirmed the decision of the Commissioner of Income Tax (Appeals) to delete the addition made by the Assessing Officer. en-us Thu, 06 Oct 2022 00:00:00 +0530 Fri, 07 Oct 2022 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428699 The ITAT Surat upheld the allowance of a deduction under Section 80P(2)(d) of the Income Tax Act for interest earned from Co-operative Banks by a co-operative society. The tribunal relied on the precedent set by the High Court of Gujarat, distinguishing between deductions under Sections 80P(2)(a) and 80P(2)(d) and emphasizing the eligibility of cooperative societies to claim deductions for interest received from cooperative banks. The tribunal dismissed the Revenue's appeal and affirmed the decision of the Commissioner of Income Tax (Appeals) to delete the addition made by the Assessing Officer. Case-Laws Income Tax Thu, 06 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428699