Co-operative Society Eligible for Deduction u/s 80P(2)(d) on Interest Earned from Fixed Deposits in Co-operative Bank: ITAT

The ITAT ruled that a cooperative society is eligible for a deduction under Section 80P(2)(d) of the Income Tax Act for interest earned from fixed deposits in a cooperative bank. In this case, the cooperative society had earned interest income from fixed deposits, which it sought to deduct under Section 80P(2)(d). The tribunal upheld the deduction, recognizing that such interest income is eligible for exemption when earned from cooperative banks. This ruling strengthens the position of cooperative societies and provides clarity on the application of tax exemptions for interest income under specific provisions of the Income Tax Act.