https://www.taxtmi.com/caselaws?id=771297 ITAT Mumbai ruled that a cooperative society is entitled to deduction under Section 80P(2)(d) for interest income earned from deposits with cooperative banks. The tribunal held that while cooperative banks themselves cannot claim Section 80P deductions due to subsection (4), they remain cooperative societies under the Cooperative Societies Act. Therefore, interest income derived by a cooperative society from investments with cooperative banks qualifies for deduction under Section 80P(2)(d). The case was decided in favor of the assessee. en-us Thu, 15 May 2025 00:00:00 +0530 Fri, 23 May 2025 08:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771297 ITAT Mumbai ruled that a cooperative society is entitled to deduction under Section 80P(2)(d) for interest income earned from deposits with cooperative banks. The tribunal held that while cooperative banks themselves cannot claim Section 80P deductions due to subsection (4), they remain cooperative societies under the Cooperative Societies Act. Therefore, interest income derived by a cooperative society from investments with cooperative banks qualifies for deduction under Section 80P(2)(d). The case was decided in favor of the assessee. Case-Laws Income Tax Thu, 15 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771297