https://www.taxtmi.com/caselaws?id=449039 ITAT Indore held that a cooperative society was eligible for deduction under Section 80P(2)(d) for interest income received from a cooperative bank. The tribunal ruled that despite the bank having a banking license, it remained fundamentally a cooperative society. Following precedents from Karnataka HC and Gujarat HC, and relying on ITAT Mumbai's decision in Amore Commercial Premises case, the tribunal concluded that interest from fixed deposits with cooperative banks qualifies for the deduction. The appeal was decided in favor of the assessee. en-us Wed, 10 Jan 2024 00:00:00 +0530 Sat, 03 Feb 2024 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449039 ITAT Indore held that a cooperative society was eligible for deduction under Section 80P(2)(d) for interest income received from a cooperative bank. The tribunal ruled that despite the bank having a banking license, it remained fundamentally a cooperative society. Following precedents from Karnataka HC and Gujarat HC, and relying on ITAT Mumbai's decision in Amore Commercial Premises case, the tribunal concluded that interest from fixed deposits with cooperative banks qualifies for the deduction. The appeal was decided in favor of the assessee. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449039