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Sec 80P(2)(d) Allowed on Interest from Co-op Bank – ITAT Follows Settled View
Case Law Details
- Case Name
- LA Royal Co-Operative HSG SOC Ltd. Vs Assessing Officer (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Mumbai
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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...
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