https://www.taxtmi.com/caselaws?id=445549 Interest income earned by a co-operative housing society from deposits or investments with co-operative banks was held deductible under section 80P(2)(d) because the provision applies where a co-operative society receives interest or dividend from investments made with another co-operative society. The term "co-operative society" in section 2(19) was treated as broad enough to include a society registered under the relevant State co-operative law. Section 80P(4) was held to target co-operative banks claiming deduction under section 80P, and not to bar a co-operative housing society's claim on interest income. The disallowance on the basis that the recipient entities were multi-state scheduled banks was therefore unsustainable. en-us Wed, 08 Nov 2023 00:00:00 +0530 Thu, 09 Nov 2023 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445549 Interest income earned by a co-operative housing society from deposits or investments with co-operative banks was held deductible under section 80P(2)(d) because the provision applies where a co-operative society receives interest or dividend from investments made with another co-operative society. The term "co-operative society" in section 2(19) was treated as broad enough to include a society registered under the relevant State co-operative law. Section 80P(4) was held to target co-operative banks claiming deduction under section 80P, and not to bar a co-operative housing society's claim on interest income. The disallowance on the basis that the recipient entities were multi-state scheduled banks was therefore unsustainable. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445549