https://www.taxtmi.com/caselaws?id=764041 ITAT Mumbai held that co-operative credit society without banking license is eligible for deduction under section 80P(2)(a)(i) on interest earned from deposits with other co-operative societies/banks. The tribunal relied on SC decisions in Citizen Co-operative Society Ltd. and Mavilayi Service Cooperative cases, rejecting AO's contention that such income is ineligible for deduction. Appeal allowed for both assessment years. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 02 Jan 2025 08:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764041 ITAT Mumbai held that co-operative credit society without banking license is eligible for deduction under section 80P(2)(a)(i) on interest earned from deposits with other co-operative societies/banks. The tribunal relied on SC decisions in Citizen Co-operative Society Ltd. and Mavilayi Service Cooperative cases, rejecting AO's contention that such income is ineligible for deduction. Appeal allowed for both assessment years. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764041