ITAT Mumbai Allows 80P(2)(d) Deduction on Co-op Bank Interest to Co-op societies

Sai Ankur Cooperative Housing Society Ltd. Vs ITO (ITAT Mumbai) ITAT Mumbai allowed the deduction under Section 80P(2)(d) of the Income Tax Act, 1961, for interest income earned by Sai Ankur Cooperative Housing Society Ltd. from fixed deposits with Apna Sahakari Bank Ltd., a cooperative bank. The case arose after the Centralized Processing Center (CPC) denied the deduction through an intimation under Section 143(1), which was later upheld by the Commissioner of Income Tax (Appeals). The cooperative society challenged this decision, citing multiple tribunal and court rulings favoring deductions...