https://www.taxtmi.com/highlights?id=80151 Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank Limited, a registered cooperative society. However, the Assessing Officer was directed to verify if the entity is a cooperative bank duly registered under the relevant Act. Interest income received from a savings account with Axis Bank, a non-cooperative bank, was held not deductible u/s 80P(2)(d) based on Supreme Court's decision in Totgar's case and ITAT's decision in Sardar Patel Co-operative Credit Society Limited's case. The assessee's appeal was partly allowed. en-us Tue, 06 Aug 2024 07:50:29 +0530 Tue, 06 Aug 2024 07:50:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80151 Deduction u/s 80P(2)(d) was allowed for interest income earned by the assessee from fixed deposits and savings accounts with Ahmedabad District Co-operative Bank Limited, a registered cooperative society. However, the Assessing Officer was directed to verify if the entity is a cooperative bank duly registered under the relevant Act. Interest income received from a savings account with Axis Bank, a non-cooperative bank, was held not deductible u/s 80P(2)(d) based on Supreme Court's decision in Totgar's case and ITAT's decision in Sardar Patel Co-operative Credit Society Limited's case. The assessee's appeal was partly allowed. Highlights Income Tax Tue, 06 Aug 2024 07:50:29 +0530 https://www.taxtmi.com/highlights?id=80151