https://www.taxtmi.com/caselaws?id=764040 The ITAT Mumbai dismissed Revenue's appeals challenging deduction u/s 80P(2)(a)(i) and 80P(2)(d) for interest received from co-operative banks. Following SC precedent in PCIT vs. Annasaheb Patil, the tribunal held that credit societies are entitled to exemption u/s 80P(2) and cannot be classified as public co-operative banks, making Section 80P(4) inapplicable. The tribunal established that credit co-operative society investments in co-operative banks qualify for deduction u/s 80P(2) since co-operative banks are registered under co-operative society regulations. 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=764040 The ITAT Mumbai dismissed Revenue's appeals challenging deduction u/s 80P(2)(a)(i) and 80P(2)(d) for interest received from co-operative banks. Following SC precedent in PCIT vs. Annasaheb Patil, the tribunal held that credit societies are entitled to exemption u/s 80P(2) and cannot be classified as public co-operative banks, making Section 80P(4) inapplicable. The tribunal established that credit co-operative society investments in co-operative banks qualify for deduction u/s 80P(2) since co-operative banks are registered under co-operative society regulations. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764040