https://www.taxtmi.com/caselaws?id=34669 The High Court upheld the ITAT's decision to allow deductions for a co-operative society's interest income from investments in banks other than co-operative banks under Section 80P of the Income-tax Act, 1961. The Court clarified that such interest income falls under Clause (d) of Section 80P, making it eligible for deduction as part of the co-operative society's business activities. By differentiating the case at hand from previous rulings involving different types of co-operative societies, the Court ruled in favor of the respondent, dismissing the Revenue's appeals and affirming the deductions for the interest income. en-us Fri, 08 May 2009 00:00:00 +0530 Wed, 07 Oct 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34669 The High Court upheld the ITAT's decision to allow deductions for a co-operative society's interest income from investments in banks other than co-operative banks under Section 80P of the Income-tax Act, 1961. The Court clarified that such interest income falls under Clause (d) of Section 80P, making it eligible for deduction as part of the co-operative society's business activities. By differentiating the case at hand from previous rulings involving different types of co-operative societies, the Court ruled in favor of the respondent, dismissing the Revenue's appeals and affirming the deductions for the interest income. Case-Laws Income Tax Fri, 08 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34669