https://www.taxtmi.com/caselaws?id=754812 ITAT Bangalore held that deduction under Section 80P(2)(d) for interest income from cooperative banks depends on whether the payer qualifies as a cooperative society versus a cooperative bank under Banking Regulation Act 1949. Following Supreme Court precedent in KSCARDB case, if the payer is a cooperative bank registered with RBI and holding banking license, deduction is not allowable. The matter was remitted to AO for verification of payer's status and fresh computation of cost of funds for interest income from investments. Appeal partly allowed for statistical purposes. en-us Wed, 26 Jun 2024 00:00:00 +0530 Fri, 28 Jun 2024 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754812 ITAT Bangalore held that deduction under Section 80P(2)(d) for interest income from cooperative banks depends on whether the payer qualifies as a cooperative society versus a cooperative bank under Banking Regulation Act 1949. Following Supreme Court precedent in KSCARDB case, if the payer is a cooperative bank registered with RBI and holding banking license, deduction is not allowable. The matter was remitted to AO for verification of payer's status and fresh computation of cost of funds for interest income from investments. Appeal partly allowed for statistical purposes. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754812