https://www.taxtmi.com/highlights?id=94985 HC held that the assessee, a co-operative society registered under the Sikkim Co-operative Societies Act, is not a "co-operative bank" within the exclusionary ambit of s.80P(4) of the Income-tax Act and was wrongly denied deduction by the Tribunal. Interest income arose from surplus funds and statutory reserves invested, as mandated by the Sikkim Co-operative Societies Act, in approved co-operative banks which themselves are registered as co-operative societies. Applying the ratio of PCIT v. Ashwin Kumar Urban Co-operative Society Ltd. and distinguishing Totgars' Cooperative Sale Society Ltd., HC ruled that deduction is allowable under s.80P(2)(d). Appeal allowed in favour of the assessee. en-us Fri, 12 Dec 2025 08:55:17 +0530 Fri, 12 Dec 2025 08:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=94985 HC held that the assessee, a co-operative society registered under the Sikkim Co-operative Societies Act, is not a "co-operative bank" within the exclusionary ambit of s.80P(4) of the Income-tax Act and was wrongly denied deduction by the Tribunal. Interest income arose from surplus funds and statutory reserves invested, as mandated by the Sikkim Co-operative Societies Act, in approved co-operative banks which themselves are registered as co-operative societies. Applying the ratio of PCIT v. Ashwin Kumar Urban Co-operative Society Ltd. and distinguishing Totgars' Cooperative Sale Society Ltd., HC ruled that deduction is allowable under s.80P(2)(d). Appeal allowed in favour of the assessee. Highlights Income Tax Fri, 12 Dec 2025 08:55:17 +0530 https://www.taxtmi.com/highlights?id=94985