https://www.taxtmi.com/caselaws?id=760041 The ITAT SURAT allowed partial deduction u/s 80P(2)(d) for cooperative society's interest income from cooperative bank. AO had disallowed Rs. 3.02 crores deduction, treating cooperative bank interest as income from other sources rather than cooperative society income. CIT(A) confirmed AO's action. ITAT held that cooperative banks are primarily cooperative societies, following precedent decisions including Gujarat HC ruling. Interest income of Rs. 3,00,21,194 from Surat District Cooperative Bank was allowed as eligible deduction, while interest from other non-cooperative institutions remained disallowed. Appeal partly allowed. en-us Wed, 24 Jan 2024 00:00:00 +0530 Tue, 15 Oct 2024 08:39:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760041 The ITAT SURAT allowed partial deduction u/s 80P(2)(d) for cooperative society's interest income from cooperative bank. AO had disallowed Rs. 3.02 crores deduction, treating cooperative bank interest as income from other sources rather than cooperative society income. CIT(A) confirmed AO's action. ITAT held that cooperative banks are primarily cooperative societies, following precedent decisions including Gujarat HC ruling. Interest income of Rs. 3,00,21,194 from Surat District Cooperative Bank was allowed as eligible deduction, while interest from other non-cooperative institutions remained disallowed. Appeal partly allowed. Case-Laws Income Tax Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760041