Case Law Analysis
|Income Tax Appellate Tribunal
Section 80P(2)(d) IT Act | Interest from Cooperative Banks Eligible for Deduction by Primary Credit Societies : ITAT Pune
Primary credit cooperative societies can claim tax deductions under Section 80P(2)(d) for interest earned on deposits with other cooperative banks, affirming that such income qualifies as business income derived from cooperative activities. This ruling reinforces the scope of cooperative-specific tax benefits and provides clarity for thousands of rural financial institutions across India.