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

Saikrupa Nagari Sahakari Patsanstha Maryadit Kolhapur Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune has ruled in favor of Saikrupa Nagari Sahakari Patsanstha Maryadit, Kolhapur, allowing a deduction under Section 80P(2)(d) of the Income-tax Act, 1961. The case pertained to the Assessment Year 2018-19, where the assessee, a cooperative credit society, had declared nil income after claiming deductions under Chapter VIA, including a deduction of ₹26,32,236 under Section 80P. The dispute arose when the Assessing Officer (AO) disallowed the deduction of ₹19,33,878 on interest...