Held that according to section\u00a080P(2)(d)\u00a0of the Act if the co-operative society makes any investment in another co-operative society, any interest or dividend earned from such investment was eligible for deduction. Section\u00a02(19)\u00a0of the Act defines \u201dco-operative society\u201d as a co-operative society registered under the\u00a0Co-operative Societies Act, 1912\u00a0or under any other law for the time being in force in any State for the registration of co-operative societies. Section\u00a02(10)\u00a0of the\u00a0Maharashtra Co-operative Societies Act, 1960\u00a0defines \u201cco-operative bank\u201d as a co-operative society which is doing the business of banking as defined in clause (b) of sub-section\u00a0(1)\u00a0of section\u00a05\u00a0of the\u00a0Banking Companies Act, 1949\u00a0and includes any society which is functioning or is to function as an Agricultural and Rural Development Bank under Chapter XI.\u00a0 According to the definition, co-operative banks are also co-operative societies. The words of the statute were plain and clear and there was no room for applying any of the principles of interpretation. They were to be interpreted as they stood. Thus, the investments made by the assessee with co-operative banks in Maharashtra were investments made in co-operative societies. The Assessing Officer is directed\u00a0 to grant the assessee deduction of interest earned from co-operative banks under section\u00a080P(2)(d)\u00a0of the Act. (AY.2015-16)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80P : Co-operative societies-Interest earned on deposits with Co-Operative Banks-Eligible for deduction. [S.2(19), 80P(2(d), Banking Companies Act, 1949, 5(1), Co-operative society registered under the Co-operative Societies Act, 1912, Maharashtra Co-Operative Societies Act, 1960, S.2(10)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51386","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dmO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51386"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51386\/revisions"}],"predecessor-version":[{"id":51387,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51386\/revisions\/51387"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}