Section 80P Deduction to Coop Society Allowed on Coop Bank Interest, Not on Nationalized Bank: ITAT Mumbai

Samata Co-operative Housing Society Ltd. Vs DCIT (ITAT Mumbai) Facts of the Case The assessee is a cooperative housing society based in Mumbai, filed its return of income for Assessment Year 2021-22 on January 25, 2022, declaring a total income of ₹ 1,23,81,720. The society had earned interest income of ₹56,08,072 from fixed deposits with various cooperative banks and ₹2,99,102 from savings bank accounts (including ₹38,929 from Bank of Baroda). The society claimed a deduction of ₹59,07,174 under Section 80P(2)(d) of the Income Tax Act on this interest income. However, during processi...