https://www.taxtmi.com/caselaws?id=471677 Section 80P(2)(d) permits a co-operative society to deduct interest or dividend derived from investments with another co-operative society. A co-operative bank remains a co-operative society under applicable co-operative societies law; Section 80P(4) restricts a co-operative bank's deduction on its own income but does not deny the investing co-operative society a deduction for interest received from it. Where two reasonable interpretations of a taxing provision exist, the interpretation favourable to the assessee applies. Disallowance of expenditure allegedly incurred to earn exempt income under Section 14A and Rule 8D requires verification of the expenditure's factual nexus with exempt income and may require fresh adjudication. en-us Fri, 27 Mar 2026 00:00:00 +0530 Mon, 14 Sep 2026 15:44:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471677 Section 80P(2)(d) permits a co-operative society to deduct interest or dividend derived from investments with another co-operative society. A co-operative bank remains a co-operative society under applicable co-operative societies law; Section 80P(4) restricts a co-operative bank's deduction on its own income but does not deny the investing co-operative society a deduction for interest received from it. Where two reasonable interpretations of a taxing provision exist, the interpretation favourable to the assessee applies. Disallowance of expenditure allegedly incurred to earn exempt income under Section 14A and Rule 8D requires verification of the expenditure's factual nexus with exempt income and may require fresh adjudication. Case-Laws Income Tax Fri, 27 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471677