Co-op societies can claim Section 80P(2)(d) deduction on interest on investments in co-op banks

ITO Vs Shivsahyadri Sahakari Pathpedhi (ITAT Mumbai) n the case of ITO Vs Shivsahyadri Sahakari Pathpedhi (ITAT Mumbai), the issue revolves around the claim for deductions under Section 80P of the Income Tax Act, 1961, for investments made by a credit co-operative society in a co-operative bank. The Revenue challenged the order passed by the CIT(A) for the Assessment Year 2018-19 and 2020-21, where the credit co-operative society had claimed a deduction of Rs. 4,34,49,404 under Sections 80P(2)(a)(i) and 80P(2)(d) for interest income received from investments in a co-operative bank. The Revenue...