Held that interest earned from deposits in other Co-Operative Banks is entitled to deduction and interest on deposits in Treasury is not entitled to deduction. Referred Mavilayi Service Co-Operative Bank Ltd. v. CIT (2021) 431 ITR 1 (SC). (AY.2011-12, 2013-14, 2014-15)
PCIT v. Peroorkada Service Co-Operative Bank Ltd. (2022) 442 ITR 141/ 217 DTR 246 / 328 CTR 443(Ker.)(HC) PCIT v. Vilappil Service Co-Operative Bank Ltd. (2022) 442 ITR 141/ 217 DTR 246/ 328 CTR 443 (Ker.)(HC)
S. 80P : Co-operative societies-Interest earned from deposits in other Co-Operative Banks-Entitled to deduction-Interest on deposits in Treasury-Not entitled to deduction. [S. 80P(2)(a)(i), 80P(2)(d)]
all services are good