80(2)(d) cannot be invoked to co-op banks unless they have RBI license

V.K. Natha co-operative Vs ACIT (ITAT Mumbai)

Ld. Counsel of the assessee submitted that the issue involved in these appeals related to treatment of interest received by co-operative societies from other co-operative societies including cooperative bank under section 80P(2)(d). He submitted that the issue is squarely covered in favour of the assessee by the decision of Hon’ble Supreme court in the case of Mavilayi Service Co-operative Bank Ltd. & Ors. Vs. CIT civil appeal No. 7343-7350 of 2019 with civil appeal No. 831

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