Deduction Allowed as Interest from Co-operative Bank Qualifies Under Section 80P(2)(d)

Raj Crystal Co-op. Housing Society Ltd. Vs Asst. Director of Income Tax (ITAT Mumbai) The appeal before the Mumbai Bench of the Income Tax Appellate Tribunal Mumbai arose from an order passed by the National Faceless Appeal Centre under Section 250 of the Income-tax Act, 1961 for Assessment Year 2021-22. The assessee, a co-operative housing society, had claimed a deduction of ₹4,85,800 under Section 80P(2)(d) in respect of interest income earned from fixed deposits maintained with Saraswati Co-operative Bank. The return of income was filed on 18 October 2021, but the claim was disallowed by ...