Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Deduction u/s 80P(2)(d) of Income Tax Allowable to Cooperative Banks Doing Banking Business: ITAT
Appeal Against OrderBankingIncome Tax
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that cooperative banks are considered cooperative societies engaged in banking business, making them eligible for deductions under Section 80P(2)(d) of the Income Tax Act, 1961. This decision was made in favor of Grand Paradi Co-op Housing Society, allowing the deduction for interest income earned from cooperative banks.
