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

Kallapanna Awade Ich Janata Vs ITO (ITAT Pune) Income Tax Appellate Tribunal (ITAT), Pune Bench, has provided a significant ruling for co-operative societies, holding that interest income earned from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961. The decision came in the case of Kallapanna Awade Ich Janata Vs ITO, where the tribunal allowed a deduction claim of ₹12.53 lakh. The dispute arose during the assessment for the assessment year 2020-21. The assessee, a co-operative society, had earned interest income from its investmen...