https://www.taxtmi.com/caselaws?id=311397 A co-operative society was entitled to deduction under section 80P(2)(d) on interest earned from deposits with a Regional Rural Bank. Section 22 of the Regional Rural Banks Act, 1976 deems a Regional Rural Bank to be a co-operative society for Income-tax Act purposes, so the statutory deeming provision prevailed over a contrary CBDT circular withdrawing earlier beneficial treatment. As the interest was received from an entity treated as a co-operative society in law, the deduction remained allowable and the Revenue's challenge failed. en-us Mon, 11 Sep 2023 00:00:00 +0530 Sat, 23 Dec 2023 09:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311397 A co-operative society was entitled to deduction under section 80P(2)(d) on interest earned from deposits with a Regional Rural Bank. Section 22 of the Regional Rural Banks Act, 1976 deems a Regional Rural Bank to be a co-operative society for Income-tax Act purposes, so the statutory deeming provision prevailed over a contrary CBDT circular withdrawing earlier beneficial treatment. As the interest was received from an entity treated as a co-operative society in law, the deduction remained allowable and the Revenue's challenge failed. Case-Laws Income Tax Mon, 11 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311397