Interest Income from Co-op Banks Qualifies for Section 80P(2)(d) Deduction: ITAT Pune

Jankalyan Gramin Bigarsheti Sahakari Pathsanstha Maryadit Asond Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune addressed an appeal by a Cooperative Society, Jankalyan Gramin Bigarsheti Sahakari Pathsanstha Maryadit Asond, concerning the denial of a deduction under Section 80P of the Income Tax Act, 1961. The society had claimed deduc-tions under sections 80P(2)(a)(i) and 80P(2)(d), but the Assessing Officer (AO) disallowed the deduc-tion under 80P(2)(d) for interest earned from investments, arguing that the society failed to segregate investments made with cooperative societi...