Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (9) TMI 1436 - AT - Income TaxDenial of deduction claimed u/s 80P (2)(d) - interest earned from Cooperative Banks - HELD THAT:- Section 80P(2)(d) of the Act allows whole deduction of income by way of interest or dividend derived by Cooperative Society from its investments with any other co-operative society. This provision does not make any distinction with regard to the source of investment because this section envisages deduction in respect of any income derived by co-operative society from in his investment with a cooperative society. So, the Revenue is not required to look another of investment whether it was formed as required within time or otherwise. As decided in The Kot Ram Dass Coop. Thrift & Credit Society Ltd. Jalandhar [2023 (6) TMI 871 - ITAT AMRITSAR] investment of assessee in cooperative bank is eligible investment u/s 80P(2)(d) of the Act. The interest of the said investment related to Cooperative Society; the assessee is eligible for deduction u/s 80P(2)(a)(i) of the Act. The addition amount is quashed. Decided in favour of assessee.
|