https://www.taxtmi.com/caselaws?id=772210 Interest earned by a co-operative housing society on fixed deposits with co-operative banks was treated as deductible under section 80P(2)(d). The analysis applied a liberal construction of section 80P in favour of co-operative societies and noted that deduction cannot be denied merely because the deposits were placed with co-operative banks. The exclusion in section 80P(4) was understood as applying to co-operative banks carrying on regulated banking business, and not to withdraw the deduction by implication where the deposit-taking entity is not shown to fall within that exclusion. The disallowance was therefore deleted. en-us Tue, 03 Jun 2025 00:00:00 +0530 Thu, 05 Jun 2025 08:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772210 Interest earned by a co-operative housing society on fixed deposits with co-operative banks was treated as deductible under section 80P(2)(d). The analysis applied a liberal construction of section 80P in favour of co-operative societies and noted that deduction cannot be denied merely because the deposits were placed with co-operative banks. The exclusion in section 80P(4) was understood as applying to co-operative banks carrying on regulated banking business, and not to withdraw the deduction by implication where the deposit-taking entity is not shown to fall within that exclusion. The disallowance was therefore deleted. Case-Laws Income Tax Tue, 03 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772210