ITAT Mumbai Allows Section 80P(2)(d) Deduction on Interest from Co-op Banks as Co-op Societies

Sambhau Tirth Co Operative Housing Society Ltd. Vs DCIT (ITAT Mumbai) In Sambhau Tirth Co-operative Housing Society Ltd. vs DCIT, the Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated appeals for Assessment Years 2015–16 and 2017–18 involving two primary issues: eligibility of deduction under Section 80P(2)(d) on interest earned from co-operative banks, and classification of income from hoardings. The Assessing Officer (AO) had disallowed deduction of ₹13,58,165 under Section 80P(2)(d), invoking Section 80P(4) on the basis that co-operative banks are excluded from the scope of de...