Assessee Wins Deduction for Interest Income from Cooperative Bank Deposits as per Section 80P(2)(d) Ruling. https://www.taxtmi.com/highlights?id=75018 Disallowance u/s 80P(2)(d) - Interest income on deposits placed with Kangra Central Cooperative Bank (KCCB) Ltd. - the Tribunal found that the Assessee met the conditions for deduction under section 80P(2)(d) since the income was derived from investments with another cooperative society, namely the KCCB Ltd. - ITAT clarified that it is not relevant to examine whether the interest income is earned from any specified cooperative activity or whether it is a case of surplus fund deployment. en-us Mon, 19 Feb 2024 15:35:26 +0530 Mon, 19 Feb 2024 15:35:26 +0530 TaxTMI RSS Generator Assessee Wins Deduction for Interest Income from Cooperative Bank Deposits as per Section 80P(2)(d) Ruling. https://www.taxtmi.com/highlights?id=75018 Disallowance u/s 80P(2)(d) - Interest income on deposits placed with Kangra Central Cooperative Bank (KCCB) Ltd. - the Tribunal found that the Assessee met the conditions for deduction under section 80P(2)(d) since the income was derived from investments with another cooperative society, namely the KCCB Ltd. - ITAT clarified that it is not relevant to examine whether the interest income is earned from any specified cooperative activity or whether it is a case of surplus fund deployment. Highlights Income Tax Mon, 19 Feb 2024 15:35:26 +0530 https://www.taxtmi.com/highlights?id=75018