https://www.taxtmi.com/caselaws?id=310594 ITAT Chennai allowed deduction u/s 80P(2)(d) for interest earned from deposits with Chennai Central Cooperative Bank. The tribunal held that cooperative banks registered under state cooperative society acts fall outside the exclusion provision of Section 80P(4), which specifically excludes only cooperative banks engaged in banking business with RBI licenses. Following SC precedent in Mavilayi Service Co-operative Bank Ltd., the tribunal ruled the assessee cooperative society was entitled to the deduction, deciding in favor of the assessee. en-us Fri, 31 Mar 2023 00:00:00 +0530 Wed, 01 Nov 2023 21:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310594 ITAT Chennai allowed deduction u/s 80P(2)(d) for interest earned from deposits with Chennai Central Cooperative Bank. The tribunal held that cooperative banks registered under state cooperative society acts fall outside the exclusion provision of Section 80P(4), which specifically excludes only cooperative banks engaged in banking business with RBI licenses. Following SC precedent in Mavilayi Service Co-operative Bank Ltd., the tribunal ruled the assessee cooperative society was entitled to the deduction, deciding in favor of the assessee. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310594