Section 80P(2)(d) deduction: Co-op Society Eligible to claim on Interest Income from FDR with Co-op Bank

Rethal Dudh Utpadak Sahkari Mandali Ltd. Vs ITO (ITAT Ahmedabad) The case of Rethal Dudh Utpadak Sahkari Mandali Ltd. Vs ITO, adjudicated by the Income Tax Appellate Tribunal (ITAT) in Ahmedabad, presents a crucial judgment concerning the deductions under Section 80P(2)(d) of the Income Tax Act, 1961. ITAT’s ruling affirms that a Co-operative Society can claim Section 80P(2)(d) deductions for the interest income derived from a Fixed Deposit Receipt (FDR) with a Co-operative Bank. Analysis: The appellant, a Co-operative Society engaged in milk collection and supply, sought to avail the de...