Interest from Cooperative Banks Deductible u/s 80P(2)(d) as they Fall Under 'Cooperative Society': Gujarat HC

The Gujarat High Court has ruled that interest from cooperative banks is deductible under Section 80P(2)(d), as they fall under the definition of "cooperative society." Section 80P provides deductions for cooperative societies. This significant decision clarifies a tax benefit for cooperative societies earning interest income from other cooperative banks. The court's interpretation confirms that such interest income is eligible for deduction, providing financial relief and promoting inter-cooperative financial transactions, reinforcing the cooperative spirit within the banking sector.