Co-op society entitled for deduction u/s. 80P(2)(d) in respect of interest received from co-op banks
Case Law Details
Ishwar Bhavan Cooperative Housing Society Ltd Vs CIT(A) (ITAT Mumbai)
By placing reliance on the co-ordinate Bench decision of this Tribunal in the case of Tulsiani Chambers Premises Co-operative Society Ltd vs ITO in ITA Nos.2459-2462/Mum/2021 dated 18/04/2022 which are reproduced hereinabove, we hold that assessee society would be entitled for deduction u/s.80P(2)(d) of the Act in respect of interest received from cooperative banks.
FULL TEXT OF THE ORDER OF ITAT MUMBAI
These appeals in ITA No.3285/Mum/2022 & 3269/Mum/2022 for A.Y.2020-21 & 2021-22 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre in appeal No. NFAC/2019-20/10176411 & NFAC/2020-21/10176414 dated 20/12/2022 & 14/12/2022 respectively (ld. CIT(A) in short) against the order of assessment passed u/s.143(1) of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 24/12/2021 & 30/09/2022 respectively by the ld. DCIT/ACIT, CPC-Bangalore (hereinafter referred to as ld. AO).
Identical issues are involved in both these appeals and hence, they are taken up together and disposed of by this common order for the sake of convenience.
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