Section 80P(2)(d) Deduction Allowed on Interest from Co-operative Bank Deposits: ITAT Pune

Advertisement Shiv Ki Jai Co-operative Housing Society Vs ITO (ITAT Pune) The Pune ITAT allowed the assessee’s appeal and directed the Assessing Officer to allow deduction under Section 80P(2)(d) of the Income-tax Act on interest earned from deposits with co-operative banks. The assessee, a co-operative housing society, had claimed the deduction in its return for AY 2021-22, but the claim was denied while processing the return under Section 143(1), and the denial was upheld by the CIT(A). The Tribunal considered its earlier decision in ITO Ward-5, Sangli Vs. Shree Ganesh Nagari Sahakari P...