https://www.taxtmi.com/caselaws?id=312530 The ITAT Amritsar allowed deduction u/s 80P(2)(d) for interest earned by a cooperative society from investments in cooperative banks. The tribunal held that section 80P(2)(d) permits whole deduction of income by way of interest or dividend derived by cooperative society from investments with any other cooperative society, without distinction regarding source of investment. Following precedent in Kot Ram Dass Coop. Thrift Credit Society Ltd., the tribunal ruled that investment in cooperative banks qualifies as eligible investment under the provision. The addition made by revenue authorities was quashed, deciding in favor of the assessee cooperative society. en-us Wed, 13 Sep 2023 00:00:00 +0530 Fri, 23 Feb 2024 05:57:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312530 The ITAT Amritsar allowed deduction u/s 80P(2)(d) for interest earned by a cooperative society from investments in cooperative banks. The tribunal held that section 80P(2)(d) permits whole deduction of income by way of interest or dividend derived by cooperative society from investments with any other cooperative society, without distinction regarding source of investment. Following precedent in Kot Ram Dass Coop. Thrift Credit Society Ltd., the tribunal ruled that investment in cooperative banks qualifies as eligible investment under the provision. The addition made by revenue authorities was quashed, deciding in favor of the assessee cooperative society. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312530