Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (10) TMI 834 - AT - Income TaxDeduction allowable us 80P(2)(d) - deduction in respect of interest from Co-operative banks - As per AO interest income was earned from co-operative bank, which are not co-operative society - HELD THAT:- The co-operative banks in which assessee had invested are registered as co-operative societies and therefore we are of the considered view that these banks are co-operative society as per the provisions of section 2(19) of the Act. If Revenue‟s plea is accepted then section 80P(2)(d) of the Act would be rendered completely otiose. We uphold the plea of the assessee and direct the AO to allow deduction under section 80P(2)(d) of the Act to the assessee in respect of interest income earned from investment with co-operative banks, which are registered as co-operative societies under the relevant statute. As a result, grounds raised by the assessee are allowed.
|