https://www.taxtmi.com/caselaws?id=444543 The Tribunal overturned the CIT(A)'s decision, which had disallowed the deduction under section 80P(2)(d) of the Income-tax Act, 1961, for the interest income earned by Jansevak Co-op Credit Society Ltd. from investments with cooperative banks. The Tribunal clarified that such income qualifies for deduction, distinguishing the Supreme Court's decision in Totgars Cooperative Sale Society Ltd. as not applicable to section 80P(2)(d). Consequently, the Tribunal directed the AO to allow the deduction, thus favoring the assessee's appeal for the relevant assessment years. en-us Tue, 09 May 2023 00:00:00 +0530 Wed, 18 Oct 2023 07:42:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444543 The Tribunal overturned the CIT(A)'s decision, which had disallowed the deduction under section 80P(2)(d) of the Income-tax Act, 1961, for the interest income earned by Jansevak Co-op Credit Society Ltd. from investments with cooperative banks. The Tribunal clarified that such income qualifies for deduction, distinguishing the Supreme Court's decision in Totgars Cooperative Sale Society Ltd. as not applicable to section 80P(2)(d). Consequently, the Tribunal directed the AO to allow the deduction, thus favoring the assessee's appeal for the relevant assessment years. Case-Laws Income Tax Tue, 09 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444543