ITAT Confirms Tax Relief for Co-operative Society on Bank Interest

Bella Vista Co-operative Housing Society Limited Vs ITO (ITAT Mumbai) 80P(2)(d) Deduction Allowed on Interest from Co-operative Bank: ITAT Mumbai Grants Relief to Housing Society Mumbai ITAT allowed the appeal of the Assessee-society and directed deletion of the addition of ₹73,210 made by denying deduction u/s 80P(2)(d). The Assessee, a co-operative housing society, had earned interest income on deposits placed with Thane Bharat Sahakari Bank Ltd., a co-operative bank registered under the Maharashtra Co-operative Societies Act, 1960, and claimed deduction u/s 80P(2)(d). The CPC, while proce...