https://www.taxtmi.com/caselaws?id=461820 ITAT Mumbai allowed the cooperative society's appeal regarding deduction claim under Section 80P(2)(d) for interest income from Maharashtra State Cooperative Bank Ltd. The tribunal held that while cooperative banks cannot claim Section 80P deductions after insertion of sub-section (4), they remain cooperative societies under the Cooperative Societies Act. Therefore, interest income earned by a cooperative society from investments in cooperative banks qualifies for deduction under Section 80P(2)(d). The decision relied on precedent from ITAT Pune in Rema Sahakari Karkhana Ltd case. en-us Fri, 31 Mar 2023 00:00:00 +0530 Wed, 30 Apr 2025 19:03:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461820 ITAT Mumbai allowed the cooperative society's appeal regarding deduction claim under Section 80P(2)(d) for interest income from Maharashtra State Cooperative Bank Ltd. The tribunal held that while cooperative banks cannot claim Section 80P deductions after insertion of sub-section (4), they remain cooperative societies under the Cooperative Societies Act. Therefore, interest income earned by a cooperative society from investments in cooperative banks qualifies for deduction under Section 80P(2)(d). The decision relied on precedent from ITAT Pune in Rema Sahakari Karkhana Ltd case. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461820