Co-operative Society Entitled to Deduction u/s 80P(2)(d) of Income Tax for Deposits in Co-operative Banks: ITAT

The Income Tax Appellate Tribunal (ITAT) ruled that co-operative societies are entitled to a deduction under Section 80P(2)(d) of the Income Tax Act for interest earned on deposits with co-operative banks. The tribunal clarified that the interest income qualifies for this deduction as it is derived from activities conducted within the co-operative framework. This ruling supports co-operative societies in optimizing their tax liabilities, reaffirming the tax benefits available under the Income Tax Act.