https://www.taxtmi.com/caselaws?id=467070 A co-operative credit society's interest income from fixed and time deposits placed with co-operative banks was held deductible because a co-operative bank was treated as a co-operative society for the relevant deduction provision. The Tribunal followed its coordinate bench view that the exclusion for co-operative banks did not prevent a co-operative society from claiming deduction on interest earned from such deposits, and where conflicting views existed, the interpretation favourable to the assessee was adopted. The deduction claim was therefore allowed. en-us Mon, 24 Feb 2025 00:00:00 +0530 Wed, 04 Mar 2026 17:18:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467070 A co-operative credit society's interest income from fixed and time deposits placed with co-operative banks was held deductible because a co-operative bank was treated as a co-operative society for the relevant deduction provision. The Tribunal followed its coordinate bench view that the exclusion for co-operative banks did not prevent a co-operative society from claiming deduction on interest earned from such deposits, and where conflicting views existed, the interpretation favourable to the assessee was adopted. The deduction claim was therefore allowed. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467070