https://www.taxtmi.com/caselaws?id=755910 ITAT Amritsar held that interest income received by a cooperative society from deposits with another cooperative bank qualifies for deduction under Section 80P(2)(d). The tribunal found that interest received from Punjab State Cooperative Agricultural Development Bank falls within the statutory provision's scope, allowing deduction for income derived from investments with other cooperative societies. The addition was deleted. However, the tribunal upheld disallowance of excess gratuity fund contribution of Rs. 36,981, confirming the CIT(A)'s decision that only 8.33% contribution as per rules was allowable, with excess amount added back to income. en-us Tue, 09 Jul 2024 00:00:00 +0530 Tue, 23 Jul 2024 08:49:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755910 ITAT Amritsar held that interest income received by a cooperative society from deposits with another cooperative bank qualifies for deduction under Section 80P(2)(d). The tribunal found that interest received from Punjab State Cooperative Agricultural Development Bank falls within the statutory provision's scope, allowing deduction for income derived from investments with other cooperative societies. The addition was deleted. However, the tribunal upheld disallowance of excess gratuity fund contribution of Rs. 36,981, confirming the CIT(A)'s decision that only 8.33% contribution as per rules was allowable, with excess amount added back to income. Case-Laws Income Tax Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755910