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Deduction u/s 80P(2)(d) was allowable on interest income received from Co-Operative Bank
Case Law Details
- Case Name
- Thorapadi Urban Co-op Credit Society Limited Vs ITO (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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Thorapadi Urban Co-op Credit Society Limited Vs ITO (Madras High Court)
Conclusion: Deduction under section 80P(2)(d) was allowable on receipt of interest from co-operative bank as a Co-operative Society was only a co-operative society as defined under the Act, be it a Co-operative Society carrying on banking business or Co-operative Society carrying on the other businesses or a Co-operative bank.
Held: The main issue was to decide in the present case was as to whether assessee-co-operative society was entitled for a deduction under Section 80P(2)(d) for the interest income re...
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