https://www.taxtmi.com/caselaws?id=460607 ITAT Mumbai allowed deductions under Section 80P for interest income from cooperative banks, following Supreme Court precedent in Totagars Co-operative Sale Society that cooperative banks and societies are the same entity. The tribunal applied the principle from Vegetable Products Ltd that favorable construction should be adopted when two reasonable interpretations exist. However, regarding interest from nationalized banks, the matter was remitted to AO for verification as the assessee's representative could not distinguish between cooperative and nationalized bank interest components during proceedings. en-us Tue, 23 Jul 2024 00:00:00 +0530 Tue, 04 Feb 2025 19:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460607 ITAT Mumbai allowed deductions under Section 80P for interest income from cooperative banks, following Supreme Court precedent in Totagars Co-operative Sale Society that cooperative banks and societies are the same entity. The tribunal applied the principle from Vegetable Products Ltd that favorable construction should be adopted when two reasonable interpretations exist. However, regarding interest from nationalized banks, the matter was remitted to AO for verification as the assessee's representative could not distinguish between cooperative and nationalized bank interest components during proceedings. Case-Laws Income Tax Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460607