https://www.taxtmi.com/caselaws?id=776688 The ITAT Pune - AT held that interest income earned from fixed deposits or investments with Cooperative Banks qualifies for deduction under section 80P(2)(d) of the Act. The Tribunal affirmed that Cooperative Banks are essentially Cooperative Societies with banking licenses, making such interest income eligible for deduction. Prior decisions of the Tribunal were relied upon to support this view. The order of the CIT(A) denying the deduction was set aside, and the AO was directed to allow the assessee's claim. The appeal was allowed accordingly. en-us Tue, 07 Jan 2025 00:00:00 +0530 Sat, 16 Aug 2025 10:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776688 The ITAT Pune - AT held that interest income earned from fixed deposits or investments with Cooperative Banks qualifies for deduction under section 80P(2)(d) of the Act. The Tribunal affirmed that Cooperative Banks are essentially Cooperative Societies with banking licenses, making such interest income eligible for deduction. Prior decisions of the Tribunal were relied upon to support this view. The order of the CIT(A) denying the deduction was set aside, and the AO was directed to allow the assessee's claim. The appeal was allowed accordingly. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776688