Deduction U/s 80P(2)(d) Allowed on Interest from Co-operative Bank – ITAT Mumbai

Matruchhaya Commercial Premises Co-OP Society Ltd. Vs ITO (ITAT Mumbai) Deduction u/s 80P(2)(d) Allowed on Interest from Co-operative Bank – ITAT Mumbai Assessee, a Co-op Society, earned interest of ₹1.41 lakh from deposits with a Co-operative Bank & claimed deduction u/s 80P(2)(d). CPC disallowed the claim u/s 143(1) & rejected rectification u/s 154. CIT(A) also upheld the disallowance. ITAT noted that issue is settled & relied on SC rulings holding that Co-operative Bank qualifies as Co-operative Society for purposes of section 80P. Accordingly, interest earned from such depo...