ITAT Mumbai allows Section 80P(2)(d) deduction on co-op bank interest to Co-op Society

Hilla Heights Co-operative Housing Society Limited Vs Assistant Director of Income-Tax (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai has ruled in favor of Hilla Heights Co-operative Housing Society, allowing deduction under Section 80P(2)(d) of the Income-tax Act, 1961. The case arose after the Centralized Processing Centre (CPC), Bangalore, disallowed the society’s claim for deduction on interest income earned from cooperative banks while processing its return under Section 143(1). The society’s rectification application under Section 154 was also rejected without reasons,...