https://www.taxtmi.com/caselaws?id=462802 Interest earned by a co-operative housing society from fixed deposits with co-operative banks was treated as eligible for deduction under section 80P(2)(d) because the co-operative banks were regarded as co-operative societies under the governing co-operative law. The analysis noted that the statutory definition of society included a co-operative society, and the assessee was not a co-operative bank, so section 80P(4) did not apply to bar the claim. On that basis, the interest income retained the character required for deduction, and the disallowance was held unsustainable. en-us Wed, 24 Jul 2024 00:00:00 +0530 Wed, 16 Jul 2025 23:42:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462802 Interest earned by a co-operative housing society from fixed deposits with co-operative banks was treated as eligible for deduction under section 80P(2)(d) because the co-operative banks were regarded as co-operative societies under the governing co-operative law. The analysis noted that the statutory definition of society included a co-operative society, and the assessee was not a co-operative bank, so section 80P(4) did not apply to bar the claim. On that basis, the interest income retained the character required for deduction, and the disallowance was held unsustainable. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462802