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Informative

Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d): ITAT allows deduction of Rs. 35 lakhs

Update / Judgement Date

30 Mar 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income Tax

The Income Tax Appellate Tribunal (ITAT) has allowed a deduction under Section 80P(2)(d) for interest income from cooperative banks. This ruling clarifies the eligibility of such income for tax deductions. It supports the cooperative banking sector. The decision provides clarity on tax treatment.