Deduction of S.80P(2)(d) was allowed on interest income earned from Cooperative Banks and Savings Accounts

Capital Co-operative Thrift and Credit Society Vs ITO (ITAT Delhi)

Conclusion: Assessee was entitled for deduction u/s 80P(2)(d) in respect of interest income earned by the assessee from cooperative bank/societies other than scheduled and nationalized banks and was entitled for deduction u/s 80P since such interest income was earned by assessee from out of day to day operations of its business activities and not from any fixed deposits out of surplus funds.

Held: Assessee had appealed against the order dated 12.06.2024 and 18.06.2024 passed

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