https://www.taxtmi.com/caselaws?id=305891 The Tribunal ruled in favor of the appellant, a consumer cooperative society, allowing the exemption on interest income received from cooperative banks under section 80P(2)(d) of the Income Tax Act for the assessment year 2012-13. Despite the Assessing Officer and CIT(A) denying the exemption, the Tribunal held that interest income from cooperative banks, considered as cooperative societies, qualifies for deduction under the specified section. The Tribunal emphasized that the lower authorities' denial of the deduction was unjustified and directed the Assessing Officer to grant the exemption as per the Act. en-us Wed, 17 Nov 2021 00:00:00 +0530 Thu, 29 Dec 2022 09:11:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305891 The Tribunal ruled in favor of the appellant, a consumer cooperative society, allowing the exemption on interest income received from cooperative banks under section 80P(2)(d) of the Income Tax Act for the assessment year 2012-13. Despite the Assessing Officer and CIT(A) denying the exemption, the Tribunal held that interest income from cooperative banks, considered as cooperative societies, qualifies for deduction under the specified section. The Tribunal emphasized that the lower authorities' denial of the deduction was unjustified and directed the Assessing Officer to grant the exemption as per the Act. Case-Laws Income Tax Wed, 17 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305891