Interest income to co-operative society from investment with co-operative bank is eligible for deduction u/s 80P(2)(d)

Advertisement ITO Vs Mittal Court Premises Co. Op. Society Ltd (ITAT Mumbai) ITAT Mumbai held that the interest income earned by a cooperative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Income Tax Act. Facts- The assessee is Co-operative Society constituted by members (office tenement owners) for maintaining the Mittal Court Building. The assesse society returned income declaring in its return of income taxable income of 3,34,640/-. The AO noted that the assessee had invested funds as FDR with the Saraswat Co-o...