Section 80P(2)(d) Benefit Granted Due to Plain and Liberal Reading of the Statute

Advertisement Clover Everest World Co-operative Housing Society Limited Vs ITO (ITAT Mumbai) Interest from Co-operative Bank Still Qualifies for 80P(2)(d): ITAT Deletes CPC/AO Disallowance Assessee, a co-operative housing society, claimed deduction u/s 80P(2)(d) in respect of interest income earned on deposits placed with co-operative banks. CPC u/s 143(1) denied the claim, which was also sustained by CIT(A), holding that interest from co-operative banks was not eligible for deduction. ITAT held that section 80P(2)(d) requires only two conditions — income should be by way of interest or d...