ITAT Mumbai Allows Section 80P(2)(d) Deduction on Co-Op Bank Interest

Pathare Prabhu Co–operative Housing Society Ltd. Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai recently ruled in favor of Pathare Prabhu Co-operative Housing Society Ltd., allowing deductions under Section 80P(2)(d) of the Income Tax Act, 1961, for interest income earned from deposits in co-operative banks. The appeal was filed against the orders of the Commissioner of Income Tax (Appeals) [CIT(A)] for assessment years 2017-18 and 2018-19. The tribunal also condoned the delay in filing appeals, accepting the society’s justification that it lacked full-time accounting...