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Deduction U/s 80P(2)(d) Allowed on Interest from Co-operative Bank – ITAT Mumbai
Case Law Details
- Case Name
- Matruchhaya Commercial Premises Co-OP Society Ltd. Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Mumbai
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Matruchhaya Commercial Premises Co-OP Society Ltd. Vs ITO (ITAT Mumbai)
Deduction u/s 80P(2)(d) Allowed on Interest from Co-operative Bank – ITAT Mumbai
Assessee, a Co-op Society, earned interest of ₹1.41 lakh from deposits with a Co-operative Bank & claimed deduction u/s 80P(2)(d). CPC disallowed the claim u/s 143(1) & rejected rectification u/s 154. CIT(A) also upheld the disallowance.
ITAT noted that issue is settled & relied on SC rulings holding that Co-operative Bank qualifies as Co-operative Society for purposes of section 80P. Accordingly, interest earned from such depo...
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