Section 80P(2)(d) Deduction Ineligibility for Co-op Societies on Interest Income from Investments with Co-Op Bank

PCIT Vs Totagars Co-Operative Sale Society (Karnataka High Court) Section 80P(2)(d) deduction not eligible to co-operative societies on interest income earned from investments with another co-operative bank The Karnataka High Court’s ruling in the case of PCIT Vs Totagars Co-Operative Sale Society centers on whether a cooperative society can claim a deduction under Section 80P(2)(d) of the Income Tax Act for interest income earned from investments with another cooperative bank. Here is a detailed summary of the case and the court’s findings: Background The respondent, Totagars Co-Oper...