https://www.taxtmi.com/caselaws?id=771600 The Tribunal allowed the appeal of a Primary Thrift & Credit Society, finding it eligible for deduction under section 80P(2)(d) of the Income Tax Act for interest income earned from deposits with a district co-operative bank. Relying on Supreme Court precedent, the Tribunal interpreted the provision liberally, placing the burden on the Revenue to prove the bank was not a co-operative society. The Tribunal set aside the lower authorities' orders and directed allowance of the claimed deduction. en-us Mon, 26 May 2025 00:00:00 +0530 Wed, 28 May 2025 08:26:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771600 The Tribunal allowed the appeal of a Primary Thrift & Credit Society, finding it eligible for deduction under section 80P(2)(d) of the Income Tax Act for interest income earned from deposits with a district co-operative bank. Relying on Supreme Court precedent, the Tribunal interpreted the provision liberally, placing the burden on the Revenue to prove the bank was not a co-operative society. The Tribunal set aside the lower authorities' orders and directed allowance of the claimed deduction. Case-Laws Income Tax Mon, 26 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771600