https://www.taxtmi.com/caselaws?id=757955 ITAT Mumbai held that a co-operative society is entitled to deduction under section 80P(2)(d) for interest income earned from deposits with co-operative banks. The ITO and CIT(A) had disallowed the deduction, arguing that co-operative banks do not fall under the purview of co-operative society as referred to in section 80P(2)(d). Following precedent from Shah and Nahar Industrial Premises case, ITAT allowed the deduction for interest income of Rs. 18,12,581/- earned from deposits with cooperative banks for multiple assessment years. Appeal allowed. en-us Tue, 30 Jul 2024 00:00:00 +0530 Thu, 05 Sep 2024 07:50:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757955 ITAT Mumbai held that a co-operative society is entitled to deduction under section 80P(2)(d) for interest income earned from deposits with co-operative banks. The ITO and CIT(A) had disallowed the deduction, arguing that co-operative banks do not fall under the purview of co-operative society as referred to in section 80P(2)(d). Following precedent from Shah and Nahar Industrial Premises case, ITAT allowed the deduction for interest income of Rs. 18,12,581/- earned from deposits with cooperative banks for multiple assessment years. Appeal allowed. Case-Laws Income Tax Tue, 30 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757955