https://www.taxtmi.com/caselaws?id=754780 ITAT Pune ruled in favor of a co-operative society claiming deductions under Section 80P(2)(a)(i) and 80P(2)(d) for bank interest and dividend income. The tribunal held that without an RBI banking license, the society cannot be treated as a co-operative bank under Section 80P(4), following SC precedent in Mavilayi Service Cooperative Bank case. Since the society's investments were made from surplus funds generated through providing credit facilities to members, both interest and dividend income qualified for deductions under Section 80P(2). The AO was directed to delete the additions made regarding interest income. Appeal allowed. en-us Tue, 04 Jun 2024 00:00:00 +0530 Sun, 30 Jun 2024 15:55:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754780 ITAT Pune ruled in favor of a co-operative society claiming deductions under Section 80P(2)(a)(i) and 80P(2)(d) for bank interest and dividend income. The tribunal held that without an RBI banking license, the society cannot be treated as a co-operative bank under Section 80P(4), following SC precedent in Mavilayi Service Cooperative Bank case. Since the society's investments were made from surplus funds generated through providing credit facilities to members, both interest and dividend income qualified for deductions under Section 80P(2). The AO was directed to delete the additions made regarding interest income. Appeal allowed. Case-Laws Income Tax Tue, 04 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754780