Section 80P(2)(d) deduction allowable to Co-Op Society on Interest Income from co-op banks

Reserve Bank Staff and Officers Vs ITO (ITAT Mumbai)

The Income Tax Appellate Tribunal (ITAT) Mumbai has provided a significant ruling on the application of Section 80P(2)(d) of the Income-tax Act, 1961, concerning the deduction eligibility for interest income earned by cooperative societies from cooperative banks. The series of appeals filed by Reserve Bank Staff and Officers Co-Op Society for Assessment Years (AYs) 2013-14, 2014-15, 2017-18, 2018-19, and 2020-21 have brought to light the nuances surrounding this deduction.

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