https://www.taxtmi.com/caselaws?id=462455 ITAT Panaji allowed the assessee's appeal regarding deduction under section 80P(2)(d) for interest received on reserve fund FD with a cooperative bank. The lower authorities denied the exemption arguing that interest from cooperative banks doesn't qualify. However, ITAT relied on Karnataka HC's decision in Totagars Cooperative Sale Society, which distinguished SC's ruling in Totgars case, holding that interest income on investments falls under section 80P(2)(d), not 80P(2)(a)(i). The tribunal noted divergent HC views but followed the established precedent allowing such deductions for cooperative societies receiving interest from cooperative banks. en-us Fri, 27 May 2022 00:00:00 +0530 Tue, 24 Jun 2025 13:42:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462455 ITAT Panaji allowed the assessee's appeal regarding deduction under section 80P(2)(d) for interest received on reserve fund FD with a cooperative bank. The lower authorities denied the exemption arguing that interest from cooperative banks doesn't qualify. However, ITAT relied on Karnataka HC's decision in Totagars Cooperative Sale Society, which distinguished SC's ruling in Totgars case, holding that interest income on investments falls under section 80P(2)(d), not 80P(2)(a)(i). The tribunal noted divergent HC views but followed the established precedent allowing such deductions for cooperative societies receiving interest from cooperative banks. Case-Laws Income Tax Fri, 27 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462455