https://www.taxtmi.com/caselaws?id=466344 Whether a cooperative society may claim deduction under section 80P for interest earned on deposits with a cooperative bank was addressed: ITAT reasoned that the statutory exclusion of cooperative banks from deduction eligibility does not negate a registered cooperative society's entitlement under the statute to deduct interest income on investments or deposits placed with a cooperative bank, because a cooperative bank itself may qualify as a registered cooperative society under the Act's definition. The result supports allowance of the 80P deduction for such interest income, overturning the revenue objection to the contrary. en-us Tue, 06 Jun 2023 00:00:00 +0530 Mon, 02 Feb 2026 20:17:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466344 Whether a cooperative society may claim deduction under section 80P for interest earned on deposits with a cooperative bank was addressed: ITAT reasoned that the statutory exclusion of cooperative banks from deduction eligibility does not negate a registered cooperative society's entitlement under the statute to deduct interest income on investments or deposits placed with a cooperative bank, because a cooperative bank itself may qualify as a registered cooperative society under the Act's definition. The result supports allowance of the 80P deduction for such interest income, overturning the revenue objection to the contrary. Case-Laws Income Tax Tue, 06 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466344