Investment with co-operative bank eligible for Section 80P(2)(d) deduction  

Raythara Sahakari Sangha Ltd. Vs ITO (ITAT Bangalore)

In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore addressed the case of Raythara Sahakari Sangha Ltd. vs. ITO, dealing with the eligibility of interest income on investments from cooperative banks for deduction under Section 80P(2)(d) of the Income Tax Act, 1961. This decision, pronounced on December 14, 2023, sheds light on the application of tax deductions for cooperative societies and aligns with precedent judgments from various high courts.

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