Section 80P(2)(d) Deduction allowed on Coop Bank Interest to Coop. Credit Society

Satara Z.P. Class Four Employees Coop. Credit Society Ltd. Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune addressed an appeal filed by Satara Z.P. Class Four Employees Coop. Credit Society Ltd., concerning the disallowance of a deduction claimed under Section 80P(2)(d) of the Income Tax Act, 1961. The assessee, a cooperative credit society, had earned interest income of ₹13,39,682 from investments in cooperative banks, which the Assessing Officer treated as “Income from Other Sources” under Section 56, denying the deduction. The Commissioner of Income Tax (Appea...