ITAT Mumbai allows Section 80P(2)(d) deduction on Interest/Dividend from Co-op Bank

Blue Rose Industrial Premises Co-op. Society Limited Vs CIT(A) (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai recently ruled on the case of Blue Rose Industrial Premises Co-op. Society Limited vs. CIT, addressing the claim for deduction under Section 80P(2)(d) of the Income Tax Act, 1961. The case revolved around whether interest income earned from deposits with co-operative banks qualifies for deduction under this provision. The ITAT ruled in favor of the assessee, reversing the disallowance made by the Assessing Officer (AO) and upheld by the Commissioner of Income Tax (Appeal...