Pune ITAT Allows Section 80P(2)(d) Deduction on Co-operative Bank Interest; Totgars Not Applicable

Veeracharya Babasaheb Kuchnure Zilla Nagari Sahakari Pat Sanstha Ltd Vs ITO (ITAT Pune) Pune ITAT Allows Section 80P(2)(d) Deduction on Interest Earned from Co-operative Banks – Totgars Not Applicable to Section 80P(2)(d) Claims The Pune Bench of the ITAT held that a co-operative credit society is entitled to deduction u/s 80P(2)(d) in respect of interest income earned from deposits and fixed deposits kept with co-operative banks. The Tribunal reversed the orders of the AO and CIT(A)/NFAC, who had treated the interest income as “Income from Other Sources” relying upon the Supreme Cou...