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Co-Op Society can Claim section 80P(2)(d) Deduction of Interest from Deposits in Co-Op Banks
Case Law Details
- Case Name
- Ashoka Palace Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Mumbai
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Ashoka Palace Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai)
The issue whether interest income derived from deposits with cooperative banks is eligible for deduction under section 80P(2)(d) of the Act or not has been considered by Tribunal in catena of decisions. The Co-ordinate Bench in the case of Kaliandas Udyog Bhavan Premises Co-op Society Ltd. Vs. ITO, 94 taxmann.com 15 (Mumbai) after considering various decisions by Hon’ble High Courts and the Tribunal and the provisions of the Act, has held that interest income derived by a co-operative society from investments with a co...
