Co-operative society investment interest qualifies for deduction where deposits are held with other co-operative banks under section 80P(2)(d).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Interest earned by a co-operative credit society on investments with other co-operative banks is discussed as qualifying for deduction under section 80P(2)(d), alternatively to the claim under section 80P(2)(a)(i). The text states that section 80P(4), which excludes co-operative banks from the deduction, does not remove the investing society's entitlement where the recipient bank remains a co-operative society. It further notes reliance on jurisdictional Tribunal decisions and preference for the interpretation favourable to the assessee where non-jurisdictional High Court views conflict. The stated result is deletion of the disallowance and allowance of deduction for both assessment years.....