https://www.taxtmi.com/caselaws?id=756571 ITAT Delhi held that a co-operative society was entitled to deduction under section 80P(2)(d) for interest and dividend income earned from deposits with Delhi State Co-operative Bank Ltd. The tribunal distinguished the SC decision in Totgar's Co-operative Sale Society Ltd., noting that case involved deposits with commercial banks, not co-operative societies. Following precedent from Mantola Cooperative Thrift Credit Society, the tribunal recognized co-operative banks as societies, making the deduction allowable. Decision favored the assessee. en-us Fri, 28 Jun 2024 00:00:00 +0530 Tue, 06 Aug 2024 07:50:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756571 ITAT Delhi held that a co-operative society was entitled to deduction under section 80P(2)(d) for interest and dividend income earned from deposits with Delhi State Co-operative Bank Ltd. The tribunal distinguished the SC decision in Totgar's Co-operative Sale Society Ltd., noting that case involved deposits with commercial banks, not co-operative societies. Following precedent from Mantola Cooperative Thrift Credit Society, the tribunal recognized co-operative banks as societies, making the deduction allowable. Decision favored the assessee. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756571