ITAT Mumbai: Interest from Co-Operative Banks Eligible U/s 80P(2)(d)-Consistency Principle Applied

ITO Vs Reserve Bank Officers Co-Op. Credit Society Ltd. (ITAT Mumbai) ITAT Mumbai: Interest from Co-Operative Banks Eligible u/s 80P(2)(d)-Consistency Principle Applied The Mumbai ITAT held that a co-operative credit society is entitled to deduction under Section 80P(2)(d) on interest income earned from deposits with co-operative banks, as such banks qualify as co-operative societies under the Act. The Tribunal rejected the Revenue’s reliance on Section 80P(4), clarifying that the restriction applies only to co-operative banks claiming deduction, and not to co-operative societies earning int...