Section 80P(2)(d) Deduction eligible on Interest Income of Co-Op Societies from Investments in Unlicensed Co-op Banks

Minority Co-op. Credit Society Ltd. Vs ITO (ITAT Bangalore) In a landmark judgment, the Income Tax Appellate Tribunal (ITAT) Bangalore, in the case of Minority Co-op. Credit Society Ltd. Vs ITO, has provided clarity on the eligibility of deductions under section 80P(2)(d) of the Income Tax Act, 1961, for co-operative societies. This ruling, dated 22nd August 2023, specifically addresses the deduction claims on interest income derived from investments in unlicensed cooperative banks by co-operative societies for the assessment year 2017-18. Detailed Analysis The appeal was filed against the Nat...