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No deduction U/s. 80P to Co-Operative Societies on Interest from FDRs with Banks
Case Law Details
- Case Name
- Shree Modhpatni Co-op Credit Society Ltd. Vs. DCIT (ITAT Ahemdabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012- 2013
- Courts
- All ITAT, ITAT Ahmedabad
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In the light of the principles enunciated by the Supreme Court in Totgars Co-operative Sale Society (supra), in case of a society engaged in providing credit facilities to its members, income from investments made in banks does not fall within any of the categories mentioned in section 80P(2)(a) of the Act. However, section 80P(2)(d) of the Act specifically exempts interest earned from funds invested in co-operative societies. Therefore, to the extent of the interest earned from investments made by it with any co-operative society, a co-operative society is entitled to deducti...
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