Section 80P(2)(d) Deduction Allowable To Co-operative Society On Interest Earned From Co-operative Bank: Delhi ITAT

The Delhi ITAT ruled on Section 80P(2)(d) applicability to cooperative societies earning interest from cooperative banks. The case involved whether the interest earned qualified for deduction under Section 80P(2)(d) of the Income Tax Act.\r

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ITAT held that the interest earned by a cooperative society from a cooperative bank is eligible for deduction under Section 80P(2)(d), reasoning that cooperative banks function similarly to cooperative societies. The tribunal emphasized that the legislative intent was to support cooperative societies, including those earning interest from cooperative banks. This decision clarifies the eligibility criteria for cooperative societies seeking tax deductions under Section 80P(2)(d).