https://www.taxtmi.com/caselaws?id=448081 Interest or dividend income earned by a co-operative society from investments with co-operative banks was treated as eligible for deduction under section 80P(2)(d) because a co-operative bank is regarded as a co-operative society for that purpose. The exclusion in section 80P(4) was read as applying to co-operative banks claiming deduction under section 80P, not to a co-operative society claiming deduction on income from deposits placed with such banks. Applying consistent Tribunal views and the construction favourable to the assessee where two interpretations are possible, the deduction was allowed subject to verification. en-us Tue, 31 Oct 2023 00:00:00 +0530 Wed, 10 Jan 2024 09:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448081 Interest or dividend income earned by a co-operative society from investments with co-operative banks was treated as eligible for deduction under section 80P(2)(d) because a co-operative bank is regarded as a co-operative society for that purpose. The exclusion in section 80P(4) was read as applying to co-operative banks claiming deduction under section 80P, not to a co-operative society claiming deduction on income from deposits placed with such banks. Applying consistent Tribunal views and the construction favourable to the assessee where two interpretations are possible, the deduction was allowed subject to verification. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448081