https://www.taxtmi.com/caselaws?id=758400 A co-operative housing society is entitled to deduction under section 80P(2)(d) on interest earned from deposits and balances with another co-operative society. The decisive factor is the legal status of both the recipient and payer as co-operative societies under section 2(19), not the label attached to the payer in common parlance. Section 80P(4) excludes only a claimant assessee that is a co-operative bank and is intended to deny the benefit to co-operative banks functioning like commercial banks. Because the assessee was not a co-operative bank and the payer was shown to be a co-operative society under State law, disallowance under section 80P(4) was unsustainable. en-us Tue, 10 Sep 2024 00:00:00 +0530 Thu, 12 Sep 2024 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758400 A co-operative housing society is entitled to deduction under section 80P(2)(d) on interest earned from deposits and balances with another co-operative society. The decisive factor is the legal status of both the recipient and payer as co-operative societies under section 2(19), not the label attached to the payer in common parlance. Section 80P(4) excludes only a claimant assessee that is a co-operative bank and is intended to deny the benefit to co-operative banks functioning like commercial banks. Because the assessee was not a co-operative bank and the payer was shown to be a co-operative society under State law, disallowance under section 80P(4) was unsustainable. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758400