https://www.taxtmi.com/caselaws?id=471160 Section 80P(2)(d) permits a co-operative society to deduct interest or dividend income derived from investments with another co-operative society. Co-operative banks remain co-operative societies under the statutory definition; section 80P(4) only prevents co-operative banks themselves from claiming section 80P deductions and does not bar other co-operative societies from deducting interest earned from investments with them. Decisions concerning deduction for banking business under section 80P(2)(a)(i) do not govern claims under section 80P(2)(d). In the absence of a jurisdictional ruling amid divergent views, the interpretation favourable to the assessee applies, allowing deduction for interest on fixed deposits and savings accounts with co-operative banks. en-us Wed, 11 Feb 2026 00:00:00 +0530 Sat, 22 Aug 2026 22:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471160 Section 80P(2)(d) permits a co-operative society to deduct interest or dividend income derived from investments with another co-operative society. Co-operative banks remain co-operative societies under the statutory definition; section 80P(4) only prevents co-operative banks themselves from claiming section 80P deductions and does not bar other co-operative societies from deducting interest earned from investments with them. Decisions concerning deduction for banking business under section 80P(2)(a)(i) do not govern claims under section 80P(2)(d). In the absence of a jurisdictional ruling amid divergent views, the interpretation favourable to the assessee applies, allowing deduction for interest on fixed deposits and savings accounts with co-operative banks. Case-Laws Income Tax Wed, 11 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471160