https://www.taxtmi.com/caselaws?id=449737 ITAT Chandigarh allowed a cooperative society's appeal regarding disallowance under Section 80P(2)(d) for interest income on deposits with Kangra Central Cooperative Bank Ltd. The tribunal held that Section 80P(2)(d) requires only two conditions: income must be interest earned by a cooperative society from investment, and such investment must be with another cooperative society. The tribunal clarified that Section 80P(2)(4) applies only to cooperative banks claiming deductions, not cooperative societies placing deposits with cooperative banks. Since the assessee was a registered cooperative society earning interest from deposits with another registered cooperative society, the deduction was properly allowable under Section 80P(2)(d). en-us Fri, 16 Feb 2024 00:00:00 +0530 Mon, 19 Feb 2024 07:32:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449737 ITAT Chandigarh allowed a cooperative society's appeal regarding disallowance under Section 80P(2)(d) for interest income on deposits with Kangra Central Cooperative Bank Ltd. The tribunal held that Section 80P(2)(d) requires only two conditions: income must be interest earned by a cooperative society from investment, and such investment must be with another cooperative society. The tribunal clarified that Section 80P(2)(4) applies only to cooperative banks claiming deductions, not cooperative societies placing deposits with cooperative banks. Since the assessee was a registered cooperative society earning interest from deposits with another registered cooperative society, the deduction was properly allowable under Section 80P(2)(d). Case-Laws Income Tax Fri, 16 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449737