Interest/Dividend Income received from co-operative bank is deemed to have received from cooperative...

The ITAT has allowed a "deduction under Section 80P" to the "TN Special Police" for "interest/dividend income" received from a "co-operative bank," deeming it to have been received from a "cooperative society." The tribunal's decision, which is a significant victory for the police, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason.