ITAT Allows 80P(2)(d) Deduction on Interest from Co-op Bank Deposits to Co-op Society

Thane Zilla Vidyasevak Sahakari Patpedhi Ltd. Vs CIT (Appeals) (ITAT Mumbai) Summary: This appeal was filed by Thane Zilla Vidyasevak Sahakari Patpedhi Ltd. (the assessee), a co-operative society registered under the Maharashtra Co-operative Societies Act 1960, against the order of the Commissioner of Income-tax (Appeals) [CIT(A)] for the Assessment Year (A.Y.) 2018-19. The Issue and Lower Authorities’ Findings The assessee, which filed a return declaring Nil income, earned total interest income of Rs. 1,06,40,175/- on its deposits. Out of this, Rs. 94,12,725/- was received from investme...