https://www.taxtmi.com/caselaws?id=431842 The Tribunal allowed the appeal, directing the grant of deduction under section 80P(2)(d) of the Income-tax Act, 1961 for interest earned by a cooperative society from deposits with Cooperative Banks. The decision clarified that cooperative societies are eligible for this deduction, emphasizing the distinction between cooperative banks and cooperative societies for tax purposes. This ruling sets a precedent based on previous decisions and underscores the significance of the definition of a cooperative society under the Co-operative Societies Act in determining eligibility for tax deductions. en-us Wed, 16 Nov 2022 00:00:00 +0530 Thu, 22 Dec 2022 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431842 The Tribunal allowed the appeal, directing the grant of deduction under section 80P(2)(d) of the Income-tax Act, 1961 for interest earned by a cooperative society from deposits with Cooperative Banks. The decision clarified that cooperative societies are eligible for this deduction, emphasizing the distinction between cooperative banks and cooperative societies for tax purposes. This ruling sets a precedent based on previous decisions and underscores the significance of the definition of a cooperative society under the Co-operative Societies Act in determining eligibility for tax deductions. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431842