https://www.taxtmi.com/caselaws?id=754987 The ITAT Bangalore held that cooperative societies cannot claim deduction under section 80P(2)(d) for interest earned from cooperative banks, as cooperative banks are not cooperative societies per Karnataka HC precedent in Totalgars Cooperative Sales Society. The tribunal directed the AO to examine whether investments in cooperative banks qualify for deduction under section 80P(2)(a)(i) if made for statutory SLR requirements, or under section 80P(2)(d) considering recent SC judgment in Kerala State Cooperative Agricultural Rural Development. If neither deduction applies, the AO must consider section 57 deduction for cost of funds used to earn such interest income. en-us Thu, 16 May 2024 00:00:00 +0530 Wed, 03 Jul 2024 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754987 The ITAT Bangalore held that cooperative societies cannot claim deduction under section 80P(2)(d) for interest earned from cooperative banks, as cooperative banks are not cooperative societies per Karnataka HC precedent in Totalgars Cooperative Sales Society. The tribunal directed the AO to examine whether investments in cooperative banks qualify for deduction under section 80P(2)(a)(i) if made for statutory SLR requirements, or under section 80P(2)(d) considering recent SC judgment in Kerala State Cooperative Agricultural Rural Development. If neither deduction applies, the AO must consider section 57 deduction for cost of funds used to earn such interest income. Case-Laws Income Tax Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754987