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Interest on deposits from co-op bank eligible for Section 80(2)(d) deduction
Case Law Details
- Case Name
- Chetak Co-Operative Housing Society Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Mumbai
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Chetak Co-Operative Housing Society Ltd. Vs ITO (ITAT Mumbai)
Conclusion: Co-operative society received/earned interest on deposits with the co-operative bank was eligible for claim of deduction under section 80(2)(d).
Held: Assessee was a cooperative housing society registered under Maharashtra Society Act 1960. It had filed the return of income for the A.Y 2013-14 disclosing a total income of Rs. Nil after claiming deduction u/s 80P(2)(d) of Rs.12,35,591/- and the return of income was processed u/s 143(1). Subsequently the case was selected for scrutiny under CASS and notice...
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