Interest from Co-operative Bank Eligible for Section 80P(2)(d) Deduction: ITAT Surat

Avkar Urban Co-op Credit Society Ltd Vs ACIT (ITAT Surat) Interest from Co-operative Bank Eligible for Section 80P(2)(d) Deduction: ITAT Surat Grants Relief to Credit Society The Surat SMC Bench of the ITAT allowed the appeal of a co-operative credit society for AY 2018-19 and held that deduction under Section 80P(2)(d) is allowable on interest and dividend income earned from investments with a co-operative bank. The Assessing Officer had disallowed the deduction of ₹7.45 lakh (net claim ₹3.80 lakh) on the ground that interest from a co-operative bank does not qualify for deduction under S...