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Section 80P(2)(d) Deduction Allowed- Interest from Co-op Banks Eligible, AO Directed to Delete Addition
Case Law Details
- Case Name
- Eldora Co-Operative Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Mumbai
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Eldora Co-Operative Vs ITO (ITAT Mumbai)
Section 80P(2)(d) Deduction Allowed- Interest from Co-op Banks Eligible, AO Directed to Delete Addition
AO denied deduction u/s 80P(2)(d) to a co-operative housing society on interest income of ₹26.39 lakh earned from deposits with co-operative banks. CIT(A) upheld the disallowance.
ITAT held:
Conditions of Sec 80P(2)(d) satisfied: Interest earned by a co-op society from investments with another co-op society- fully eligible
Co-operative bank = co-operative society: Despite Sec 80P(4), co-op banks continue to be co-op societies for this purpose
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