https://www.taxtmi.com/caselaws?id=462472 ITAT Pune allowed the appeal of a cooperative society regarding exemption under sections 80P(2)(a)(i) and 80P(2)(d) for interest income from cooperative banks. Following the coordinate bench decision in Ugar Sugar Works case, the tribunal held that interest earned by cooperative societies on deposits made from surplus funds with both cooperative and scheduled banks qualifies for deduction under both provisions. The AO was directed to allow the claimed deductions, and the society's appeal was allowed. en-us Mon, 03 Jun 2024 00:00:00 +0530 Wed, 25 Jun 2025 11:05:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462472 ITAT Pune allowed the appeal of a cooperative society regarding exemption under sections 80P(2)(a)(i) and 80P(2)(d) for interest income from cooperative banks. Following the coordinate bench decision in Ugar Sugar Works case, the tribunal held that interest earned by cooperative societies on deposits made from surplus funds with both cooperative and scheduled banks qualifies for deduction under both provisions. The AO was directed to allow the claimed deductions, and the society's appeal was allowed. Case-Laws Income Tax Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462472