https://www.taxtmi.com/caselaws?id=471921 Interest or dividend income derived by a co-operative society from investments with another co-operative society qualifies for deduction under Section 80P(2)(d). A co-operative bank remains a co-operative society for this purpose, and the exclusion under Section 80P(4), which concerns a co-operative bank's own deduction entitlement, does not restrict the investing society's claim. Accordingly, interest on deposits with co-operative societies or co-operative banks is deductible. Where non-jurisdictional High Court views conflict, the interpretation favourable to the assessee applies, requiring computation of the allowable deduction on that basis. en-us Thu, 21 Mar 2024 00:00:00 +0530 Wed, 23 Sep 2026 17:34:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471921 Interest or dividend income derived by a co-operative society from investments with another co-operative society qualifies for deduction under Section 80P(2)(d). A co-operative bank remains a co-operative society for this purpose, and the exclusion under Section 80P(4), which concerns a co-operative bank's own deduction entitlement, does not restrict the investing society's claim. Accordingly, interest on deposits with co-operative societies or co-operative banks is deductible. Where non-jurisdictional High Court views conflict, the interpretation favourable to the assessee applies, requiring computation of the allowable deduction on that basis. Case-Laws Income Tax Thu, 21 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471921