https://www.taxtmi.com/caselaws?id=431527 The case addressed the eligibility of a registered cooperative society to claim a deduction on interest earned from investments in a cooperative bank under section 80P(2)(d) of the Income Tax Act, 1961. The Assessing Officer initially disallowed the deduction, following a Karnataka High Court decision. The CIT(A) upheld this decision, but the ITAT ruled in favor of the assessee, allowing the deduction for interest and dividend income earned on surplus funds held with a cooperative bank. The ITAT decision aligned with the Gujarat High Court's stance, ultimately permitting the deduction under section 80P(2)(d) of the Act. en-us Tue, 13 Dec 2022 00:00:00 +0530 Wed, 14 Dec 2022 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431527 The case addressed the eligibility of a registered cooperative society to claim a deduction on interest earned from investments in a cooperative bank under section 80P(2)(d) of the Income Tax Act, 1961. The Assessing Officer initially disallowed the deduction, following a Karnataka High Court decision. The CIT(A) upheld this decision, but the ITAT ruled in favor of the assessee, allowing the deduction for interest and dividend income earned on surplus funds held with a cooperative bank. The ITAT decision aligned with the Gujarat High Court's stance, ultimately permitting the deduction under section 80P(2)(d) of the Act. Case-Laws Income Tax Tue, 13 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431527