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interest income earned by co-op society from co-op banks qualifies for deduction u/s 80(P)(2)(d)
Case Law Details
- Case Name
- Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
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Lokmangal Nagri Sahakari Path Sanstha Maryadit Vs PCIT (ITAT Pune)
In the present case, we find that admittedly the interest income was earned from the cooperative banks, the cooperative bank is also a specie of cooperative society, therefore, the interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) of the Act. Such interest also qualifies for exemption u/s 80P(2)(a)(i) as held by the Co-ordinate Bench of Pune Tribunal in the case of Nashik Road Nagari Sahkari Patsanstha Limited (supra) wherein the Tribunal held as under :-
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