https://www.taxtmi.com/caselaws?id=456174 The ITAT Panaji held that interest income received by a cooperative society from other cooperative societies qualifies for deduction under section 80P(2)(d). The tribunal ruled that cooperative banks are also cooperative societies, rejecting lower authorities' denial of exemption on this ground. Citing Karnataka HC precedent in CIT vs. Totagars Cooperative Sale Society, the tribunal distinguished this case from Supreme Court decisions, noting section 80P(2)(d) specifically covers investment income from cooperative societies. However, due to unclear records regarding whether entire interest income originated from cooperative banks versus other banks, the matter was remitted to the Assessing Officer for verification and appropriate exemption allowance. The appeal was partly allowed for statistical purposes. en-us Tue, 16 Nov 2021 00:00:00 +0530 Thu, 04 Jul 2024 23:20:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456174 The ITAT Panaji held that interest income received by a cooperative society from other cooperative societies qualifies for deduction under section 80P(2)(d). The tribunal ruled that cooperative banks are also cooperative societies, rejecting lower authorities' denial of exemption on this ground. Citing Karnataka HC precedent in CIT vs. Totagars Cooperative Sale Society, the tribunal distinguished this case from Supreme Court decisions, noting section 80P(2)(d) specifically covers investment income from cooperative societies. However, due to unclear records regarding whether entire interest income originated from cooperative banks versus other banks, the matter was remitted to the Assessing Officer for verification and appropriate exemption allowance. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Tue, 16 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456174