Interest Income from Cooperative Banks Eligible for Deduction u/s 80P(2)(d): ITAT allows deduction of Rs. 35 lakhs [Read Order]

The ITAT noted that cooperative banks are essentially cooperative societies that have obtained banking licenses
By Saagarika Gopinath - On March 29, 2025 7:40 am - 2 mins read
Interest Income - Deduction - Cooperative Banks - taxscan

The Pune bench of the Income Tax Appellate Tribunal ( ITAT ) held that the interest income that is derived from the cooperative banks is eligible for deduction under Section 80P(2) of the Income Tax Act, 1961, and allowed the assessee to claim a deduction of around Rs. 35 lakhs. The assessee, Jankalyan Gramin Bigarsheti,…

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