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Interest earned by co-operative society out of investment with co-operative bank is deductible u/s 80P(2)(d)
Case Law Details
- Case Name
- Jal Ratan Deep Co-operative Housing 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
- 2011-12
- Courts
- All ITAT, ITAT Mumbai
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Jal Ratan Deep Co-operative Housing Society Ltd Vs ITO (ITAT Mumbai)
ITAT Mumbai held that interest income earned by co-operative society on its investment held with the co-operative bank would be eligible for claim of deduction under section 80P(2)(d) of the Income Tax Act.
Facts-
The Appellant, M/s Jal Ratan Deep Co-operative Housing Society Ltd by filing the present appeal, sought to set aside the impugned orders passed by National Faceless Appeal Centre(NFAC), Delhi [ ‘CIT(A)’] qua the assessment orders.
The main issue is AO proceeded to disallow the claim of deduction...
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