https://www.taxtmi.com/caselaws?id=773870 The Tribunal allowed a Cooperative Society's appeal regarding deduction under section 80P(2)(d) for interest income from deposits with Cooperative Banks. The assessee claimed deduction of Rs. 3,69,980 as interest income from Sangli District Central Cooperative Bank, which was denied by the Assessing Officer and CIT(A) who treated it as income from other sources. The Tribunal held that Cooperative Banks, despite having banking licenses, remain Cooperative Societies for section 80P(2)(d) purposes. Following consistent precedents, the Tribunal ruled that interest income from deposits with Cooperative Banks qualifies for deduction under section 80P(2)(d), set aside the CIT(A)'s order, and directed the Assessing Officer to allow the claimed deduction. en-us Wed, 14 May 2025 00:00:00 +0530 Mon, 30 Jun 2025 08:43:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773870 The Tribunal allowed a Cooperative Society's appeal regarding deduction under section 80P(2)(d) for interest income from deposits with Cooperative Banks. The assessee claimed deduction of Rs. 3,69,980 as interest income from Sangli District Central Cooperative Bank, which was denied by the Assessing Officer and CIT(A) who treated it as income from other sources. The Tribunal held that Cooperative Banks, despite having banking licenses, remain Cooperative Societies for section 80P(2)(d) purposes. Following consistent precedents, the Tribunal ruled that interest income from deposits with Cooperative Banks qualifies for deduction under section 80P(2)(d), set aside the CIT(A)'s order, and directed the Assessing Officer to allow the claimed deduction. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773870