https://www.taxtmi.com/caselaws?id=462833 The ITAT Pune held that interest income earned by a cooperative society from fixed deposits/investments with other cooperative societies is eligible for deduction under section 80P(2)(d). The tribunal clarified that for claiming this deduction, the interest income must be derived from investments made by the assessee cooperative society with any other cooperative society. The court distinguished this from section 80P(2)(a)(i), noting that interest income on investments falls specifically under section 80P(2)(d). Following the Karnataka HC decision in Totagars Cooperative Sale Society, which held that the SC ratio in Totgar's Co-operative Sale Society Ltd. does not apply to interest income on investments, the tribunal concluded that interest income earned by cooperative societies on deposits made from surplus funds with cooperative banks qualifies for deduction under section 80P(2)(d). The assessee's appeal was allowed. en-us Fri, 28 Feb 2025 00:00:00 +0530 Fri, 18 Jul 2025 12:09:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462833 The ITAT Pune held that interest income earned by a cooperative society from fixed deposits/investments with other cooperative societies is eligible for deduction under section 80P(2)(d). The tribunal clarified that for claiming this deduction, the interest income must be derived from investments made by the assessee cooperative society with any other cooperative society. The court distinguished this from section 80P(2)(a)(i), noting that interest income on investments falls specifically under section 80P(2)(d). Following the Karnataka HC decision in Totagars Cooperative Sale Society, which held that the SC ratio in Totgar's Co-operative Sale Society Ltd. does not apply to interest income on investments, the tribunal concluded that interest income earned by cooperative societies on deposits made from surplus funds with cooperative banks qualifies for deduction under section 80P(2)(d). The assessee's appeal was allowed. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462833