https://www.taxtmi.com/highlights?id=99627 Interest earned by a co-operative society from investments with a co-operative bank qualified for deduction under section 80P(2)(d). The Tribunal followed the Gujarat HC ruling in PCIT v. Ashwinkumar Arban Co-operative Society Ltd., holding that a co-operative bank remains a co-operative society for this purpose and that the exclusion in section 80P(4) does not prevent another co-operative society from claiming the deduction on such interest income. The disallowance was therefore unsustainable and the deduction claim was upheld on merits. en-us Sat, 09 May 2026 07:41:25 +0530 Sat, 09 May 2026 07:41:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=99627 Interest earned by a co-operative society from investments with a co-operative bank qualified for deduction under section 80P(2)(d). The Tribunal followed the Gujarat HC ruling in PCIT v. Ashwinkumar Arban Co-operative Society Ltd., holding that a co-operative bank remains a co-operative society for this purpose and that the exclusion in section 80P(4) does not prevent another co-operative society from claiming the deduction on such interest income. The disallowance was therefore unsustainable and the deduction claim was upheld on merits. Highlights Income Tax Sat, 09 May 2026 07:41:25 +0530 https://www.taxtmi.com/highlights?id=99627