Pune ITAT: Housing Society Wins U/s 80P Deduction on Interest from Cooperative Banks

Laxmi Cooperative Housing Society Limited Vs ITO (ITAT Pune) Pune ITAT: Housing Society Wins U/s 80P Deduction on Interest from Cooperative Banks The Pune ITAT allowed a cooperative housing society’s claim for deduction under section 80P(2)(d) on interest income of ₹14.98 lakh earned from deposits and investments made with cooperative banks. The deduction had been disallowed by CPC while processing the return under section 143(1), and the disallowance was subsequently upheld by the CIT(A). The Tribunal observed that a cooperative bank is also a cooperative society within the meaning of sec...