https://www.taxtmi.com/caselaws?id=450018 ITAT Pune allowed the appeal of a cooperative society claiming deduction under section 80P(2)(d) for interest earned on fixed deposits with cooperative banks. The revenue authorities had denied the deduction arguing that interest was received from banks. The tribunal held that cooperative banks are principally cooperative societies operating under RBI guidelines with banking licenses. Relying on Karnataka HC precedent, the tribunal distinguished this case from Supreme Court's decision in Totgars case, ruling that interest income from cooperative bank investments qualifies for deduction under section 80P(2)(d). The impugned orders were set aside and deduction allowed. en-us Wed, 21 Feb 2024 00:00:00 +0530 Fri, 23 Feb 2024 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450018 ITAT Pune allowed the appeal of a cooperative society claiming deduction under section 80P(2)(d) for interest earned on fixed deposits with cooperative banks. The revenue authorities had denied the deduction arguing that interest was received from banks. The tribunal held that cooperative banks are principally cooperative societies operating under RBI guidelines with banking licenses. Relying on Karnataka HC precedent, the tribunal distinguished this case from Supreme Court's decision in Totgars case, ruling that interest income from cooperative bank investments qualifies for deduction under section 80P(2)(d). The impugned orders were set aside and deduction allowed. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450018