https://www.taxtmi.com/caselaws?id=461860 The ITAT Mumbai held that a cooperative credit society remains eligible for deduction under Section 80P(2)(d) on interest income from cooperative banks. The tribunal distinguished between cooperative societies and cooperative banks, noting they are distinct entities despite banks being registered under cooperative societies acts. Section 80P(4) restrictions apply only to cooperative banks conducting licensed banking business, not to cooperative credit societies. The assessee successfully claimed deductions under Section 80P(2)(a)(i) and 80P(2)(d), with provisions of Section 36(1)(viia) held inapplicable. Revenue's appeal was dismissed on all grounds. en-us Tue, 28 May 2024 00:00:00 +0530 Sat, 03 May 2025 10:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461860 The ITAT Mumbai held that a cooperative credit society remains eligible for deduction under Section 80P(2)(d) on interest income from cooperative banks. The tribunal distinguished between cooperative societies and cooperative banks, noting they are distinct entities despite banks being registered under cooperative societies acts. Section 80P(4) restrictions apply only to cooperative banks conducting licensed banking business, not to cooperative credit societies. The assessee successfully claimed deductions under Section 80P(2)(a)(i) and 80P(2)(d), with provisions of Section 36(1)(viia) held inapplicable. Revenue's appeal was dismissed on all grounds. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461860