https://www.taxtmi.com/caselaws?id=467602 Interest income earned by a co-operative society from investments with co-operative banks was held eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961. The Tribunal followed coordinate bench decisions of the Mumbai ITAT allowing such deduction and applied the principle that, where taxing provisions admit divergent views, the interpretation favourable to the assessee should prevail. On that basis, the disallowance made in processing the return was held unsustainable, and the deduction was allowed. en-us Thu, 01 Aug 2024 00:00:00 +0530 Wed, 25 Mar 2026 20:41:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467602 Interest income earned by a co-operative society from investments with co-operative banks was held eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961. The Tribunal followed coordinate bench decisions of the Mumbai ITAT allowing such deduction and applied the principle that, where taxing provisions admit divergent views, the interpretation favourable to the assessee should prevail. On that basis, the disallowance made in processing the return was held unsustainable, and the deduction was allowed. Case-Laws Income Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467602