https://www.taxtmi.com/caselaws?id=456617 The ITAT Ahmedabad ruled in favor of the assessee cooperative society regarding deduction under Section 80P(2)(d) for interest received from fixed deposits with a cooperative bank. The tribunal held that the assessee was eligible for the deduction on gross interest received from cooperative banks without adjusting interest paid to the same bank. Following precedent from Gujarat HC in Sabarkantha District Cooperative Milk Producers Union Ltd., the tribunal found that income from investment in cooperative societies and banks qualifies for the deduction, allowing the assessee's grounds and deleting the addition made by the Assessing Officer. en-us Fri, 27 Oct 2023 00:00:00 +0530 Mon, 05 Aug 2024 19:55:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456617 The ITAT Ahmedabad ruled in favor of the assessee cooperative society regarding deduction under Section 80P(2)(d) for interest received from fixed deposits with a cooperative bank. The tribunal held that the assessee was eligible for the deduction on gross interest received from cooperative banks without adjusting interest paid to the same bank. Following precedent from Gujarat HC in Sabarkantha District Cooperative Milk Producers Union Ltd., the tribunal found that income from investment in cooperative societies and banks qualifies for the deduction, allowing the assessee's grounds and deleting the addition made by the Assessing Officer. Case-Laws Income Tax Fri, 27 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456617