https://www.taxtmi.com/caselaws?id=761182 ITAT Pune allowed the cooperative society's appeal regarding disallowance under section 80P(2)(a)(i)/80P(2)(d). The tribunal held that interest income earned from nationalized banks by a cooperative society engaged in banking business among members qualifies for section 80P deduction. Following precedents from Sharad Nagari Sahakari Patsanstha Maryadit and Vaveru Cooperative Rural Bank Ltd., the tribunal directed the Assessing Officer to allow the deduction claims for interest income from nationalized and other cooperative banks. en-us Tue, 29 Oct 2024 00:00:00 +0530 Tue, 05 Nov 2024 08:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761182 ITAT Pune allowed the cooperative society's appeal regarding disallowance under section 80P(2)(a)(i)/80P(2)(d). The tribunal held that interest income earned from nationalized banks by a cooperative society engaged in banking business among members qualifies for section 80P deduction. Following precedents from Sharad Nagari Sahakari Patsanstha Maryadit and Vaveru Cooperative Rural Bank Ltd., the tribunal directed the Assessing Officer to allow the deduction claims for interest income from nationalized and other cooperative banks. Case-Laws Income Tax Tue, 29 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761182