https://www.taxtmi.com/caselaws?id=783268 HC held that the assessee, a co-operative society, was entitled to deduction under s. 80P(2)(d) on interest income earned from deposits with co-operative banks registered as co-operative societies under the Sikkim Co-operative Societies Act, 1978. It ruled that s. 80P(4), which excludes co-operative banks from certain benefits, had been misapplied by the Tribunal and does not operate to deny deduction to a co-operative society earning interest from such banks. Distinguishing the SC ruling in Totgars' Cooperative Sale Society Ltd., the HC followed the reasoning of a co-ordinate HC that Totgars, confined to s. 80P(2)(a)(i), was inapplicable. The appeal was allowed in favour of the assessee. en-us Wed, 10 Dec 2025 00:00:00 +0530 Fri, 12 Dec 2025 08:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783268 HC held that the assessee, a co-operative society, was entitled to deduction under s. 80P(2)(d) on interest income earned from deposits with co-operative banks registered as co-operative societies under the Sikkim Co-operative Societies Act, 1978. It ruled that s. 80P(4), which excludes co-operative banks from certain benefits, had been misapplied by the Tribunal and does not operate to deny deduction to a co-operative society earning interest from such banks. Distinguishing the SC ruling in Totgars' Cooperative Sale Society Ltd., the HC followed the reasoning of a co-ordinate HC that Totgars, confined to s. 80P(2)(a)(i), was inapplicable. The appeal was allowed in favour of the assessee. Case-Laws Income Tax Wed, 10 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783268