Section 80P(2)(d) Cannot Be Denied for Co-operative Bank Income

Pune Zilla Sahakari Dudh Utpadak Sangh Maryadit Vs DCIT (ITAT Pune) ITAT Pune Allows Section 80P(2)(d) Deduction on Interest & Dividend from Co-operative Banks The Pune Bench of the ITAT allowed the assessee-society’s appeals for AYs 2017-18 and 2018-19, holding that interest and dividend income earned from co-operative banks and other co-operative societies qualifies for deduction under section 80P(2)(d). The Tribunal rejected the Revenue’s stand that a co-operative bank is not a co-operative society for the purposes of section 80P(2)(d). Relying on the Karnataka High Court in PCIT v....