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HomeDirect TaxS. 80P(4) Can’t Be Used to Deny S. 80P(2)(d) Deduction on Interest...

S. 80P(4) Can’t Be Used to Deny S. 80P(2)(d) Deduction on Interest Earned From Cooperative Banks by Non-Bank Cooperative Societies: Sikkim High Court

Direct Tax

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By Mariya Paliwala
S. 80P(4) Can’t Be Used to Deny S. 80P(2)(d) Deduction on Interest Earned From Cooperative Banks by Non-Bank Cooperative Societies: Sikkim High Court

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The Sikkim High Court has held that Section 80P(4) under the Income Tax Act, 1961 cannot be used to deny deduction under Section 80P(2)(d) on interest earned from cooperative banks by non-bank cooperative societies. The bench of Chief Justice Biswanath Somadder and Justice Meenakshi Madan Rai has observed that a non-banking cooperative society is entitled…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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