https://www.taxtmi.com/caselaws?id=756642 The ITAT Mumbai held that a cooperative society is entitled to deduction under Section 80P(2)(d) for interest income earned from investments in cooperative banks. The AO had denied the deduction arguing that Section 80P(2)(d) is unavailable when investments are made in cooperative banks except those mentioned in sub-section (4). However, following the precedent in Kaliandas Udyog Bhavan Premises Coop. Society Ltd., the tribunal ruled that since cooperative banks remain cooperative societies registered under the Cooperative Society Act, interest income from such investments qualifies for deduction under Section 80P(2)(d). The assessee's appeal was allowed. en-us Wed, 26 Jun 2024 00:00:00 +0530 Wed, 07 Aug 2024 06:44:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756642 The ITAT Mumbai held that a cooperative society is entitled to deduction under Section 80P(2)(d) for interest income earned from investments in cooperative banks. The AO had denied the deduction arguing that Section 80P(2)(d) is unavailable when investments are made in cooperative banks except those mentioned in sub-section (4). However, following the precedent in Kaliandas Udyog Bhavan Premises Coop. Society Ltd., the tribunal ruled that since cooperative banks remain cooperative societies registered under the Cooperative Society Act, interest income from such investments qualifies for deduction under Section 80P(2)(d). The assessee's appeal was allowed. Case-Laws Income Tax Wed, 26 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756642