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Co-op Society entitled to Deduction u/s 80P(2)(d) on Interest Income from Co-op Banks: ITAT Mumbai
Case Law Details
- Case Name
- Mumbai Postal Employees Co-operative Credit Society Limited Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Mumbai
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Mumbai Postal Employees Co-operative Credit Society Limited Vs ITO (ITAT Mumbai)
ITAT Mumbai held interest income earned by a cooperative society from its investment in cooperative bank is eligible for deduction u/s 80P(2)(d) of the Income Tax Act even after insertion of section 80P(4) of the Income Tax Act.
Facts- Assessee is a Credit Cooperative Society registered under the Maharashtra Cooperative Society Act 1960. During the course of assessment, AO observed that assessee has shown gross total income from business at Rs. 19,21,62,128/- and claimed the whole amount as deduction u/s 80P(2)(a)...
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