Mayoor Co-Operative Housing Society Limited Vs Jurisdictional AO (ITAT Mumbai)
Interest Earned by Co-operative Housing Society From Co-operative Banks Eligible for Section 80P(2)(d) Deduction: Mumbai ITAT
The assessee, a co-operative housing society, claimed deduction under Section 80P(2)(d) in respect of interest earned on deposits maintained with co-operative banks. The AO and CIT(A) denied the deduction.
The Mumbai ITAT noted that the identical issue had already been decided in the assessee’s favour for AYs 2013-14 and 2021-22. In those years, the Tribunal had held that a co-operative bank remains a co-operative society carrying on banking business and, therefore, interest received from it qualifies for deduction under Section 80P(2)(d).
The Tribunal also referred to the Supreme Court’s decision in Mavilayi Service Co-operative Bank Ltd. and observed that the Revenue had not brought any distinguishing facts on record for the year under consideration.
Following its earlier orders in the assessee’s own case, the Tribunal directed the AO to allow the deduction under Section 80P(2)(d) on interest earned from co-operative banks.
List of Cases Discussed / Relied Upon
FULL TEXT OF THE ORDER OF ITAT MUMBAI
This appeal is filed by the assessee against the order of the learned CIT(A)-NFAC, Delhi, dated 15.01.2026 for the assessment year 2020-21 in denying deduction claimed u/s 80P(2)(d) of the Act.
