https://www.taxtmi.com/caselaws?id=468807 Interest earned by a co-operative society from investment with a co-operative bank remains eligible for deduction under section 80P(2)(d), because section 80P(4) applies to co-operative banks as assessees and does not, by itself, withdraw the deduction from the recipient society. Interest income from scheduled commercial banks was not treated as deductible under section 80P(2)(d), but the related proportionate interest expenditure required factual verification and was sent back for examination. The society was also allowed the basic deduction of Rs. 50,000 under section 80P(2)(c), subject to the statutory conditions and ceiling. en-us Tue, 11 Feb 2025 00:00:00 +0530 Thu, 21 May 2026 18:59:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468807 Interest earned by a co-operative society from investment with a co-operative bank remains eligible for deduction under section 80P(2)(d), because section 80P(4) applies to co-operative banks as assessees and does not, by itself, withdraw the deduction from the recipient society. Interest income from scheduled commercial banks was not treated as deductible under section 80P(2)(d), but the related proportionate interest expenditure required factual verification and was sent back for examination. The society was also allowed the basic deduction of Rs. 50,000 under section 80P(2)(c), subject to the statutory conditions and ceiling. Case-Laws Income Tax Tue, 11 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468807