Sec 80P(2)(d) Allowed on Interest from Co-op Bank – ITAT Follows Settled View

LA Royal Co-Operative HSG SOC Ltd. Vs Assessing Officer (ITAT Mumbai) Assessee Co-op Housing Society earned interest of ₹1.03 lakh from deposits with Maharashtra State Co-operative Bank and claimed deduction u/s 80P(2)(d). CPC disallowed the claim u/s 143(1), which was upheld by CIT(A). ITAT held that: Issue is squarely covered by consistent ITAT rulings (Pathare Prabhu / Kaliandas etc.) Interest earned from investments with a co-operative bank qualifies for deduction Sec 80P(4) restricts deduction only to co-operative banks claiming deduction, not to societies earning interest Tribunal fu...