https://www.taxtmi.com/caselaws?id=456405 ITAT Amritsar allowed the appeal of a cooperative society regarding denial of deduction under Section 80P(2)(d) for interest income from investments with a cooperative bank. The tribunal held that cooperative societies are eligible for exemption on entire interest income received from investments with cooperative banks, distinguishing them from cooperative banks themselves. Following precedents from Bombay HC and ITAT Amritsar, the tribunal ruled that investments in fixed deposits with another cooperative society qualify for deduction under Section 80P(2)(d). The impugned order was set aside and addition deleted. en-us Tue, 23 May 2023 00:00:00 +0530 Tue, 23 Jul 2024 20:10:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456405 ITAT Amritsar allowed the appeal of a cooperative society regarding denial of deduction under Section 80P(2)(d) for interest income from investments with a cooperative bank. The tribunal held that cooperative societies are eligible for exemption on entire interest income received from investments with cooperative banks, distinguishing them from cooperative banks themselves. Following precedents from Bombay HC and ITAT Amritsar, the tribunal ruled that investments in fixed deposits with another cooperative society qualify for deduction under Section 80P(2)(d). The impugned order was set aside and addition deleted. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456405