Deduction u/s. 80P(2)(d) admissible on interest derived from deposits with co-operative banks

Charkop Lands End Co-operative Housing Society Ltd Vs ITO (ITAT Mumbai)

ITAT Mumbai held that interest derived from deposits with co-operative banks is allowable as deduction under section 80P(2)(d) of the Income Tax Act to the co-operative society.

Facts- The appellant Charkop Lands End Co-operative Housing Society Ltd. filed its return of income for A.Y. 2020-21 on 30.12.2020, declaring a total income at 2,80,303/-. The return was processed u/s. 143(1) of the Act on 25.11.2021, determining the total income at Rs. 6,75,160/-, after making disallowance of Rs

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