Case Law Details
Jal Ratan Deep Co-operative Housing Society Ltd Vs ITO (ITAT Mumbai)
ITAT Mumbai held that interest income earned by co-operative society on its investment held with the co-operative bank would be eligible for claim of deduction under section 80P(2)(d) of the Income Tax Act.
Facts-
The Appellant, M/s Jal Ratan Deep Co-operative Housing Society Ltd by filing the present appeal, sought to set aside the impugned orders passed by National Faceless Appeal Centre(NFAC), Delhi [ ‘CIT(A)’] qua the assessment orders.
The main issue is AO proceeded to disallow the claim of deduction u/s 80P(2)(d) of the Income Tax Act in respect of the interest income earned on investment in fixed deposit with co-operative bank, namely, SVC Cooperative Bank Ltd and thereby framed the assessment under section 143(3) read with section 147 of the Act.
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