https://www.taxtmi.com/caselaws?id=462831 The ITAT Pune allowed the assessee cooperative society's claim for deduction under Section 80P(2)(d) on interest income from deposits with cooperative banks. The tribunal relied on The Rena Sahakari Sakhar Karkhana Ltd precedent, finding that the Principal CIT erred in exercising revisional jurisdiction under Section 263 to disallow the deduction. Regarding interest income from nationalized and other banks, the tribunal followed The Vaveru Co-operative Rural Bank Ltd judgment from Andhra Pradesh HC, which held that such interest income also qualifies for Section 80P deduction. The ITAT accepted the assessee's deduction claims under Section 80P(2)(a)(i) and 80P(2)(d), directing the AO to finalize consequential computation as per law. The tribunal's decision favored the cooperative society's position on both categories of interest income. en-us Tue, 07 May 2024 00:00:00 +0530 Fri, 18 Jul 2025 23:27:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462831 The ITAT Pune allowed the assessee cooperative society's claim for deduction under Section 80P(2)(d) on interest income from deposits with cooperative banks. The tribunal relied on The Rena Sahakari Sakhar Karkhana Ltd precedent, finding that the Principal CIT erred in exercising revisional jurisdiction under Section 263 to disallow the deduction. Regarding interest income from nationalized and other banks, the tribunal followed The Vaveru Co-operative Rural Bank Ltd judgment from Andhra Pradesh HC, which held that such interest income also qualifies for Section 80P deduction. The ITAT accepted the assessee's deduction claims under Section 80P(2)(a)(i) and 80P(2)(d), directing the AO to finalize consequential computation as per law. The tribunal's decision favored the cooperative society's position on both categories of interest income. Case-Laws Income Tax Tue, 07 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462831