https://www.taxtmi.com/caselaws?id=447341 Interest earned by a co-operative society from deposits or investments with another co-operative society is eligible for deduction under section 80P(2)(d), and the Tribunal held that the Totgars ruling was confined to its facts and did not control this issue. However, the benefit does not extend to deposits placed with entities that are in substance licensed banking companies under the Banking Regulation Act, 1949, in which case the income may instead fall under other sources, subject to any relief available in law. The matter was remitted for verification of the recipient institutions' nature and status, so the deduction was allowed only in principle. en-us Wed, 08 Nov 2023 00:00:00 +0530 Fri, 22 Dec 2023 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447341 Interest earned by a co-operative society from deposits or investments with another co-operative society is eligible for deduction under section 80P(2)(d), and the Tribunal held that the Totgars ruling was confined to its facts and did not control this issue. However, the benefit does not extend to deposits placed with entities that are in substance licensed banking companies under the Banking Regulation Act, 1949, in which case the income may instead fall under other sources, subject to any relief available in law. The matter was remitted for verification of the recipient institutions' nature and status, so the deduction was allowed only in principle. Case-Laws Income Tax Wed, 08 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447341