https://www.taxtmi.com/caselaws?id=762983 Gujarat HC held that a co-operative society cannot claim deduction under Section 80P(2)(a)(i) for interest income earned on deposits with nationalized banks. The court distinguished between interest from nationalized banks (not deductible) and interest from co-operative banks (deductible under Section 80P(2)(d)). Following precedent from State Bank of India case and Supreme Court's Totgars Co-operative decision, the HC upheld CIT(A) and Tribunal's denial of deduction for nationalized bank interest while allowing deduction for co-operative bank deposits. en-us Mon, 18 Nov 2024 00:00:00 +0530 Tue, 10 Dec 2024 15:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762983 Gujarat HC held that a co-operative society cannot claim deduction under Section 80P(2)(a)(i) for interest income earned on deposits with nationalized banks. The court distinguished between interest from nationalized banks (not deductible) and interest from co-operative banks (deductible under Section 80P(2)(d)). Following precedent from State Bank of India case and Supreme Court's Totgars Co-operative decision, the HC upheld CIT(A) and Tribunal's denial of deduction for nationalized bank interest while allowing deduction for co-operative bank deposits. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762983